Nie 37.2010.pdf

(4070 KB) Pobierz
untitled
!'(& ((((
"%!''%(( $$"'%$
'(((#&#((((((&#&
*JKLPANDPIO CM@PAMEPKOP4MPEMPFO/PFNOPBJMPFMPBH
K ,+PD:MPNCOP@NPB9LP@2FPN CNP?MP4JOP@L@PG;PCJ;=
"O K;PA3PCMIPGLIPEJOEPAMP@NPBMPJMPFHPN FMPB3PBMP8
AJMPFOPBKN/PBM FJKLPINO<PJMKPAJMPFOPBKN/P4OJ0/P@?LP8
COPF AJMDKPC;<PBMPBO/P@OPCOPJMI=
"O 4;P?ODKPAMBP4JKO/PAOP?LPE3P@NLP?MPILC=POCPC;P8
G7OJPCOP@OPBMP5JHP7;P@MJ<P@MP9LPBMPBO/PAJKHPD@OP8
9MPI6PGLP5;P?3=
'MPINLPD6PAJKLPANPDHPIO AMPDN:PCNPB?OP5LKPBM@PIHG7<
O?LPIO A:OEPILPAMPDN:PCNPGOPELPJNIP4MPFL=PAJ2GKPBKNOP8
:O?PIMP0GNPG7OPJHPEOPEHFPIL>P1OPJNPEODPK $JMBPINPGHPAJMP8
FOPBKNP 5NKPILPDMPF6=P *JKLPANPDHP AMPBOP>6P K5;IPEMPFOPIN
AJOPGMFPINPGH=P'FNLJPBK6<P9LPB9LP@H<PG;PCNLJ<PCMIP8
GLIPEJOE<P@?LPCM<P@OPCOPJMIPN CMIPDLJPFHPAMPG7MPBK6
K ;IN>PIHG7PBOPJ2FPAJKLPKIOPGKMPIHG7PB?OPIO>P5NLBP8
INL>PDKHG7P*MP?OPC2F=P
AJKLKPAJKHPAOPBLC= INGPIO EH@PINLPKOPJMP5NP:O=PIN>P8
IO 9HFPIM0/P @NOP:OP EJOP.N/P BM @NLDKPGK6PGHG7P DN3
AM D6PDNLBKPC;PCMP?MPINN<PIO CE2PJHG7PFHPAMPGKHPFOP:H
BKNLPGNPAMPFMPBKNOI=P&KLPJLP4MPFHPAJOPGMFPINCPAMP@HP8
?N:PAOGKPCN=
#N?PCOP @NLPDN3PGHP ELP@;P ANPDOP:O@P M CD=P OPINLP?;
)BOP@MPFNPGK;<P BHPJLCPEMPJKLP EMPJ;PDCNL>P 1OPJNPEOD=
NLDKPCOPGHP1KOJ9PKOP;FOP9HP?N<P9LP1OPJNPEODPAJMPFOP8
BKNPNIPELPJLPDHPK MDNOPB:H@PF EL>P@NL>PDGMPFMP0GNPANLPCOP8
JKL@P&EOPINPD:OPFL@<PAJHPFOEPINLPC;PKHPIL@PCDN3PBKO
BHPJLCPEMPJO=P
9OG7P1KHPINLP>LDEPEOC<P9LPFHPCJHP:HP>LPBHPINLPEM<
GKLP4MP INLP BOP:MP DN3P AJKLP@N?PGKL/P N KOPE;PDKMPFO/
;PBKNLPK 1KOJ9<PCE2PJKHPAMPDCOJP9HP?NPDN3P4OPKLPEM@<
INLP;CJHPFOP?NPIOPKFNDCPN EFOPJKH<PJMKP@OPFNOP?NPK MJP8
4OPIOP@NP 0GNP4OPINO=P 'J;BPIMP FN3GP 5HP:MP5HP EFNLJP8
BKN/<P9LPMBP@2PFNP?NPDAMPECOPINOPOC;PJOEPK CMIPEJMP?LP8
JOP@NP)--=
*JOPGMFPINPGHP)--PJMKP@OPFNOP?NPKLP@I6PAMB FOP8
J;IPCNL@<P9LPAMPKMPDEOPI6POIMPINP@MPFN=P'FNLJPBK6<P9L
M4JOPINPGKOP>6PDN3PBM OIOP?NPKHPELP4M<PGMPF AOPANLPJOG7=
*JKLPGNL9P INLP D6P F DEOPINLP AJKHPGKLPAN/P COP@LPJH
BM CO9PBLP4MPAMP>L@PINPCOPK COPCOM=P*MPKO EH@P1OPJNPEOD
GNLPDKHP DN3P FNL?PCN@P DAMP:LGKPIH@P KOP;.OPINL@=
) CMIPEJMP?MPFOPIHG7PFHP5NLPJOPDN3P
=P
(PMPGNLPC?NPFNPINLPAJOPG;P>6PB:;P4M=P!HPDEOJPGKHPELP8
?LP.MIPBM AJKLP:MP9MPIHG7PK 7OPD:L@P-MP5NP@HPFNL?PCNL
BKNLP:MP@NP:MP0GN<PCMP?L0PDN3PGKLPANOP(PD:HPDK3=
(P'LMPJLPEHGKPINLPGKOJPINPKIO>PB6PCO9PBLP4MP4:MBPILP8
4M<P IOPFLEP >LP0?NP INLP FHPGN6P4OP J3PCNP AM AMP8
@MGP(P;DAJOPFNLPB?NPFNOP>6PDN3PIO CMPINLG=P(P$MPNDEP8
INLP>6PIOPFLEPAOPJOP.NO?PILPN DKCM?PILP1OPJNPEOD=
&AJOFPBKO@<P9LPAOPJOP.NO?PIHG7P>LDE <PDKCM?P8
IHG7 %%%<POCOPBLP@NGPCNG7 %=PDEPINLP>6PIOPFLEP1OP8
JNPEODPAJKLBPDKCM?PILP(PIO JOPKNL ,,=P&HDPEL@P.;ICPG>MP8
I;P>LPEOC<P9LPAMPEJKLP5;P>6PGHP@MP9LPAMPAJMPDN/PM AJKHP8
D:;P43P1OPJNPEODPFH9PDKLP4MPDKGKLP5?OP>LPBHPINLPAM ;KHP8
DCOPIN;POAJMP5OPEHP1OPJNPEODPIN9PDKLP4MPDKGKLP5?O=P
(PNIP8
.MJP@;P>LPIA=P1OPJNPEODPNLPGLPK>NP#MPDKOP?NPDCMP8#MP:MP8
5JKLPDCNL>=P(P
=P
!INMPDLCP K ELP4MP EOPCN<P 9LP INLP FHPDEOJPGKHP 5H/
4:MBPIH@P *MP?OPCNL@<P O5HP FHPAL:PIN/P 5OIPBKNMG7
;IN>PIH@P @OPCOPJMPIL@=P 'JKLP5OP >LDKPGKLP 5H/P BMP8
5JH@PAOPJOP.NOPINPIL@=
!A:HPFHP.NPIOIPDMPFLPN JKLPGKMPFLP1OPJNPEODPF %++PJ=
FHPINMPD:H , ,< K:=P$?NPDCM ,+P@?IPK:
AJKLPCOPKOP:HPNIPDEHPE;PG>LPAMBPDEOPFMPFLPEHPA;P&LPIOE<
&!N)<P )--<P *-"=P AJ2GKP IMGP?LP4MFPIN
N 4OJPC;G7PIN<PCE2PJLPDN3PK 1OPJNPEODPCMP>OPJK6<P.NJP@O
AJMPFOPBKN ,PKOPC:OPB2FPMANLPCNP?LPCOJPDCNL>< %PAMP8
JOBPINLP ?LPCOJPDCNL< , P OAPELC< P O@P5;P?OPEMPJN2F<
PA?OPG2PFLCPB?OP;KOP?L9PINMPIHG7< ,PDEOPG>LPMANLP8
CN< P7MPDANPG>2FPDEOPG>MPIOJPIHG7PMJOKP7MPDANPG>OPBMP8
@MPFL=P
&OP@MPG7MPBHP1OPJNPEODP
AJKHPFMPKNP:HP@6PC3<PG;PCNLJ<P
GKLPCMP?OPB3<PB9LP@H=P
*OIP&EOPINPD:OFPANLC:PG7?L5<
5;P:LGKPCNPN A6GKPCNP
K GKLPCMP?OPBMPF6PAMP?LPF6<P
CE2PJLPA2PINL>PDAJKLPBOPFO:=P
1OPJNPEOPDMPFOPD:;9P5OPKBJMPFNOP
@OPCMIPEJOCPEHPK "=P
IOPGKHPEM<P9LPBMPDEOP>LP
KO DFMP>LP;D:;P4NPANLPIN6PBKL=
-2FPINL9PKO AJKHP4MPEMPFHPFOPIL
A M PD N : PC N =
1OPJNPEODPA:OPGNPEH?PCMP
KO FMPB3PN GLP5;P?3<P
JLDKPEOPFDOPB;PBM CMPE:OP
>LDEPBOJP@MPG76=
#D=P )BOP@MPFNGKP FHP>OP0IN:<P 9LP .JHPCOPDHP EJOP.NOP>6
BM 5NLBPIHG7PC?LPJHPC2F<PAJKLPANPDHPBMPEHPGK6PGLPBHDP8
EJHP5;PG>NPAMP@MPGMPFL>P9HFPIMP0GNPINLPKMPDEOP:HPFN3G
IOPJ;PDKMPIL=PFNOBPCMPFNLPKOPALFPINOP?N<P9LPC?LPJHPC2F
>LDEPKO @OP:M<P9LP5HPFG7:MPI6/PEOPC6P42PJ3P9OJPGNO<PAMP8
KO EH@PJMKPANLDKPGKOPIMPNG7PD:MBPCMP0GNOP@NP>LPBHPINL
IO 0FN3PEOP"PIJ , %+,+PJ==
IN>PIO 9HFPIM0/PEJOP.NOPBM 1OPJNPEODPKO AMP0JLBP8
INGPEFL@P )4LIPG>NP -HIPC;P -M?PILP4M=P 'OCP >LDEP
MB P?OE=PAJ2GKP1OPJNPEODP9OJPGNLPJMKPBOP>6PLPBLPJOP8
G>OP*M?PDCNG7P$OIPC2FPHFPIMP0GN<P*M?PDCNP#MP@NP8
ELEP*MP@MPGHP&AMP:LGKPIL>PMJOKP*M?PDCNP1KLJPFMPIH
#JKH9=P 1OPJNPEODP AJKL>P@;P>L P AJMG=P BOPJ2F=
! %+,+PJ=PPBOP:OPIO@PF AJLPKLIPGNLPCMIPDLJPFH
N @6PC3P KO ,%<P @?IP K:=P OPEFMP FHP?NPGKH/<P 9L
F EH@P JMPC;P 1OPJNPEODP AMP:CINLP EMPFOJP KO AMPIOB
+P@?IPK:=P'OPCNLPBOPILPAMPBOP>LPJKLGKPINGKPCOP)--
FMPIO 1NLPG7OI=P!HP>OP0INO<P9LP>L>P.NJP@OPDAJOFP8
BKOP?MD PAJMG=PAJKLPCOPKOPIHG7PDLPJ2F<PGKLPCMP?OPBH
GKHPG;PCJ;=
OCPFHP4?6PBOP>6PELPCMIPEJMP?L<P>LP0?NPF GN6P4;PMDEOEP8
INLP4MPJMPC;PFHPCJHP:HPIOBP;9HPGNOP>LPBHPINLPF EMPJ;P8
DCNL>P 1OPJNPEOD<P CMIPCJLEPINLP F ANLPCOJPINP F 1KOJP8
2PFN6PEL9<P9LPKO IOBP4MPBKNPIH<PKOP@NODEPANL8
IN3PBKH<P BMPDEO>6P ;IN>PI6P 9HFPIM0/=P ) DLJP 92:EHP
KOP@NODEP AJLP@NN=P 'H@PGKOPDL@P ;IN>PILP 9OJPGNLP
INLPAJKLEFMPJKMPILP F GO:MP0GNP AMPFNIPIMP EJO.N/
BM 4:MBPIHG7
(P'MPD6P?;PBKNLPKFM?PINLPINPK 1OPJNPEODPKO K:MPBKNL>P8
DEFMPN F2BPC3P(P;DAMPCOP>OP?MPCO?PILP@LPBNOPBHPJLCPEMJ
1OPJNPEODPCD=PJKLP4MJKP$M7PBOI=
OCPEL@P >LDE<P 9LP 1OPJNPEODP KO ANLPIN6PBKLP COJP@N
;GKIN2FPDKC2:PMJOKPAOPG>LIPE2FPDKANPEOP?N=P1LPIHPD6
CMIPC;PJLIPGH>PIL<PINLPBM AJKLP5NPGNOPAJKLKP?MPCO?PIHG7
JLPDEO;PJOPEMPJ2F=P)?LP>OPCM0/P>LPBKLPINOP@OJPIO=P"NLP8
D@OGKPIL<PKN@PIL<PAJKHPFMP9MPILPAMPKO FHPKIOPGKMPIHP8
@NPELJP@NPIOP@NPAMPDN:PC2F=
1OPJNPEODPCOJP@N:PEL9P7OJPGLPJKHPK $HBP4MDKPGKHPAJKLP8
5HPFOP>6PGHG7PF EHG7PDEJMPIOG7PIO M5MPKNL=P
(POCPBOPFOP?NPDMPCN<PEMPCO9PBHPNIPIH=POCP5HPKLPK5N2P8
JLCP9HFPIMP0GNPF D;PALJP@OJPCLPEOG7=P*;DKPCOPK AODKP8
ELPEL@P 5HP:OP MKBMP5NMPIO IOPANPDL@P BOPJMPFNPKIO<
O 7LJP5OEPINPCNP?MP4MP$OIPC;PHFPIMP0GNP(PMAMPFNOPBOP?N
7OJPGLPJKL=
#D=P BHPJLCPEMJP $M7PBOIP AJKHPGNP0IN3PEHP BM @;PJ;
AJKLKP"MPFMP0GNPAJKHPKIO:<P9LP>LP4MP.NJP@OPDAJKLP8
BOP:OP BOPJHP AJKLPKIOPGKMPILP B?OP 4:MPB;P>6PGHG7<P O?L
EH@<P>OPCNPAJMPGLIEPFDOPB;PBM DAJKLPBOPFOPILP8
4MPCMPE:OPDEOPIMPFN6PBOPJHP<PINLPM0@NLP?O@PDN3
FHPJMPCMPFO/=P! DAJOPFMKPBOPIN;P.NPIOIPDMPFH@P1OP8
JNPEODP KO %++P J=P INLP KIOP?OPK:O@P NIP.MJP@OPG>N
M DAJKLPBOP9HPAMPDN:PC2FPAMBP@NMPEM@PM5PGH@<PG7M/
5HP:OPAJMPFOPBKMPIO EHPAMPFOPBKNOP:O?PIM0/PGOPELJNIP8
4MPFO<PCE2PJOPAMPFNIPIO BMPEHPGKH/PAJMPB;CPE2FPKOP8
C;PANMPIHG7PN @;PDNP5H/PMAMPBOEPCMPFOPIO=P&AJKLPBO9
EMPINLPBMP5JMPGKHIPIM0/=P
3PGK3PFN3GPFMPI3P1NLPG7OIPK )--<PAHPEOP>6G<
>OCPFNL?PCNLPCOIPEHPMBPCJHPEMPF 'MPJ;PIN;=P >OPCNG7
ANLPIN6PBKOG7P JMKP@OPFNOP@H=P ! CMP?L>PIH@P ?NP0GNL
M5P>OP0INO<P9LPG7MPBKNP:MP>LPBHPINLPM INLPAJOPFNPB:MPFMP8
0GN=PJM5PIL<PAJOPFNLPINLPFNPBMGKPIL=P#FMPEOPEHG7
INLPAJOPFNPB:MPFMP0GNP INLP AJKLPCJOPGKOP 5MPFNL@
,,+++P FOJPEMP0GNP EMPFOPJ2FP BHDPEJHP5;PMFOPIHG7
AJKLKP1OPJNPEOD=P
&AJOPFHPINLP@O<P5MPDK@O?PK4MBPINLPK IMPE6PM5P8
GN6P9LPINMPF6PGKOJPINPKFJ2PGNP?NPIO CMIPEMP)"-PMJOK
KMP5MPFN6PKOP?NPDN3<P9LPMB ELPJOKP53PB6P4JKLGKPIN=P
354318113.017.png 354318113.018.png 354318113.019.png 354318113.020.png 354318113.001.png 354318113.002.png
-D7'BD6?A4AD&2: ,D>B7?D=AD7)D3B0
>BD?1D2A@D=ACD<5CD6?:D41D6BD<@.D? <A@40
9BD3>?@D2:D;5BD<(D94CD;(D>BD-B8D=AD7?(,
C>BD;5C<D$CD7?:D;9AD<:D;8(D3A5D< ?C0
;8)3D;8<A@D @D7'CD A <:D;8(D3A@D=A@
3>?:.)8@D ?BD;8C5BD ? @=81D?.CD?2@2/
7'B#D ?@D->CD=AD =A@D <:D;?7?@D+"4D=A4A/
98">@D21D ? ->CD7AD 94CD;9C4A,D BD=C46
1;9D 8@*D 3BD;?@65D ;A)D ;3B89C#
? !B4AD6C>D=BD&7A(/DC4@D=A@D3>?:.)5C
+BD*:7?4AD<A@/D7BD+BD-C>D6?BD?6?AD<A0
5B,D%B4A8:9/D98">:D6?AD<AD;A)/D.C9D+B
<:D+<A?D61.(/D+BD6?A@=D.@;8DC4D-BD?C0
?6>BD&7A/DC4D-BD3B4A8BD<CD=AC,
<BD6?C7'D+5B;D?CD->C5CD@=>:0
9CD$>?:D<BD=B;/D98">C D4C8D8@D21D?C0
8>?:D2C5CD 8>C2D<C.D A >B?D3BD7?)5C
;8>C.9D 9BD21D=AD9CD7.AD 2A@.D;9A@.
< 6CD;91,D$>?:D<BD=B;DB7'>?CD=A5C
$CD7?:D;9A@D+BD A !B4AD6C>D=B&#
?C =A@D+BD&7A=D=B&#DB9CD?CD=(D3>@D2A@0
>BD<A,D 9B4@AD CD6@D1;?D CD?BD<A@7D9A
B7'>?CD=A5D$CD7?:D;9A@D+BD?C ;1D+@>B0
<CD=A@/D*@D.@D+BD?2C>5:D->C8D1<CD*C5/
*@D?2C>5:D>BD=AD;5C<D@>@D2@9D1<C0
*C5/D*@D< ;8B7?D=AD8>?@D-CD-:5BD;9CD3A0
814BD<C#,D C 9BD=A@7D $CD7?:D;9A@D+B
B7'>?CD=A5D 5CD6:D;5C<D >CD;:D=A19/
;5BD<CD2AD!C>@9/D3A@>D6B4A;?,D
C5BD3B4D;9CD %4C8D B>D2CD =CD3AD;C5C
4A;8D 6B 2C5BD3B4D;9A7'D 3>BD-B;?0
7?"<,D%>?:D3BD2AD=C < =A2/D*@D<:0
>@D2B=8BD<C5CD =C 9B;?8D 3CD;8<C
9BD&7A"5D < )D7AD=A@D A .C9D 3>BD-B;?0
7?BD<A@D3BD2BD+(D.(D<:D->C#/D8BD-)0
6?A@D >@D2B=8BD<C#D C*D 6B D >,
4@D 3B6 <C>1=D9A@2D *@D 3>BD-B;?0
7?BD<A@D -)D6(D ;A)D ?CD7'BD<:D<C#,
=A@D8C9/D.C9DB;8C8D=A2D>CD?@2DD<:0
.CD&=ACD 4BD9C4D=:D ;?@ D %4C8D B>D2:D 3B0
;@5D C&D D +6:D C8CD9BD<C4AD $BD2B0
>B<D;9A@D+B/D7'B#D!8BD6BD->:D9C8B4A9/
+5BD<CD<A@4BD6?A@8D=@.D>BD6?AD=:,D
BD->:D9C8B4A9DA +5BD<CD<A@4BD6?A@80
=@.D >BD6?AD=:D B6D-:5D 3A@><D;?(D 3B0
6>"*D < 7'C>C98@>?@D +5BD<:D 7?@D+B
A=D=@D+B,D :5D < >19D;@4A/D %C>:D*1
A @>4AD=A@/D7?:4AD3BD;8(D3A5D6BD95C6D=A@
B6D<>B8D=A@D=A*D?CD7?:D=C.(D7:D9CD6@=0
7.) D 4C8D 8@D21D 3>@D?:D6@=8D $<C0
&=A@<D;9A,D$<CD&=A@<D;9AD-:5D< @>0
4AD=A@/D%C>:D*1DA >19D;@4A,D
>BD75C<D;9AD ;(6D 1=A@D<A=D=A5 0
4@8D=A(D BD=AD9)D %,D ? 4@D&=AD7:/D 98">C
B;9C>D*BD=C -:5CD B 8B/D A* D =C
9<A@8D=ACD ?=A@D<CD*:5CD B;BD-)D %>@D?:0
6@=8CD%D3BD3>?@?D=CD3AD;CD=A@D 4CD2C0
;8>@2D !'1.D < 61D3)D $CD7?B>B0
<AD D A@>D=AD %B4CD7:D =C -AC5B07?@>0
<BD=@.D 4CD6?@,D (6D ;8<A@>D6?A5/D A*
3>?@D3A;DB ?=A@D<CD*CD=A1D3>@D?:D6@=8C
7'>BD=ADB;BD-)D1>?)D61.(D7@D+BD3>@D?:0
6@=8C/DC 3BD=A@D<C*D< 7?CD;A@D?C.D&7AC
3>@D?:D6@=8D $CD7?:D;9AD =A@D *:5/D <A)7
=A@D 1>?)D6BD<C5,D @?D61;?D=B&#D 3>C0
<CD7?CD;@2D2A@D<CD;<B.@D?C4@8:,
B?D7?C>BD<CD=:D 6B %AD 18B>:8@8
-D;B418D=:/D7?:4AD3>B ,DCD6<AD+CD8C0
=A;?D9A;/D>@D94CD2BD<C#D?CD7?)5CD%$%,
!:D-B>D7?CDA !?@D3CDB+5BD;A5:/D*@
3>BD @D;B>D9CD?CD7'BD<C5CD7=B8)/D+6:*
B6D6C5CD;A)D>@D94CD2A@D?C 6C>D2B,
(6D 9>)D+BD<:D < 6CD;91D ?C0
<:>BD9BD<C5/D*@D:D;?9B<D;9AD2BD*@
2"D<A#/D *@D C5)D;CD -:5D C+@=8@2/
=CD<@8D.C9D=A@D2CD=C 8BD6BD<BD6"<
<:D;8C>D7?:/D*@D1<A@>?:5D'AD;8B>:D9B2
? %,D -;8>CD'1.(7D B6 8@D+B/D 9A2
-:5D C5)D;CD D 9B=D7@38D C981D >@4C0
8:<D=@D+BD<:>CD*BD=:D< 8:2D<:>BD91
=C 3@<D=BD-C>D6?BD17A@D;?:D=A@D98"0
>:7'D6?A@=D=AD9C>?:,
;9B>BD .1*D .@D;8@D&2:D 3>?:
<BD6?1D!AD;91D3AD2AD;A)D=A@D3BD6B0
-C.(D D <:D?=C5D C5)D;C,D @D7'1
@D7'1
I:KCI-KEJH:K@FHK<AK=IKEJHKBFAK=HKDIFKC,G8K@BHKCG:K@>G
<GK<DFHKDHKCGK89KBA:KEAK<DFHKCD0=K&GKFIKC@FHK?HKBAK?9K:H
G @9>KBHK@JH7
<HCKEGK+BJ.KFEI:K?FJHK@J1K>J8K>9K6HKEHKDIK50CKKBG
<DICK?IKC @=IKEJHK@<GKBFAEK>94KI8HKJ 6GK=GKCGK+BJ7KH@=
6HE7K,HK=HK8JBK>JKKFIK<DIKCJGKEAKC G6EJ9KCJHK89K<GK=AK3
BFH>K =HK8HKCJKFA:KEAB/7K 9B/K CI8K>JK 65GK+EGK 29KF9K:H
C BJHK8HK6HKEHKDIK5IK?AKCJKF:JK'5IKCGK:IKH@FK>IK50K?FJI7
$GK:I>K=HEKB/9KB/IK2GK:GKC.K<GK2G-KEGK+BJ.4KI8HKG?KB/GK3
?F.BKF $,KEJHKFIK2DI5KFHK@GK2.KIEJK:H?KEHK6GKBFG5K697
,GKC@=I*KBFIK6HKEHKDIK8JKB:I4K:I>KFIKC@FHKC ,G8K@BH4KEJH
;IK2DGKEJ7KJHK;JIK5IK2AK=H-K>J;K?GKCGK?FJ(7KCIKEA
&9@>K9BFAKEJ5KIDK;J1KFIKCGK?GKC.7KG5KEJHKDFHKFIKBJ1-KEJ
EJK6?AKFI+KDHKCGK89KB:JKEJHK<GK<JHKDIK:.4K6?A-K@=DIKBJK8JK2A
<HEK@:H7
&A;KBFIK@H;K G:KBFAKFEIK C <GK=DFHK2JH7K FAK=IK;A
#,GKDF.K?H>,KFIK>DFH<5KC<I*K@=CGK6IE6K@=HDK@>JH4
%H9K?I8KEHK CHK?8HK CFGDKB0CK 8IK=AKEGKI;HKDAK>I*K@>JB/
J F;JHKEJ(K=GK;G-KEI :HK?AKEJHKC ?DGK?FHKDHKCGK89KB:J4K?I:
GK-HK2HFK>DKCIKCH:K:I>K'JHDK<JH*7KK<G8K@>.K?HK;GK3
>DIKB:1K FIK2JK:IK EJHK G<GKFAKB:I4K I8HK C5IK?FI4K >=0KDH:
C@FA@=K>GKCG8KEGKJ >=0KDIK<GKFCIK8IK@GK2JHKEI C@FA@=K>G4
>=0KDIK EJ@FKBFAK <I*K@=CGK ?8IK GB/DGKEAK <DFHK>D1K=0C
@CGKJB/KCIK@IK8JK<I=DFK#FIK;JHKBHKEJH"KI%HKDAK/IKFIDK?GK3
CH:K<GK+CJ1KBIKJEK=HKDHK@AKEIKDGK?9K?8IK@CGK:H:K<DAKCIK=A
J DIK29EK>GKCGK H>@K<8GKI=9K:HK G@=I=KEJHK FIK@GK2A7K K
HK;GK>DIKB:IK C ,G8K@BHK :9-K <DI>K=ABFKEJHK F?HK3
B/5IKK<G? EGK-H;K6D9<K9<DFAKCJK8HK:GKCIKEAB/"7K&I>
I8IDK;9K:HKC#IKFHKBJHK,G8K@>JH:"KEDKIK%I5K!7K JH;K3
>JHKCJBF7K&CJHDK?FJK=H-4K-HK:HK6GKGBHKE1K@AK=9KIB:JK<GK3
?FJHK8IKDGK@E.KBIKDFHK@FIKBFAK=H8KEJK>0CK=H:K6IKFHK=AKGDIF
JB/K9>GKB/IKEAK<DFAKC0?KBIKIKDGK@5ICK)IKBFA*K@>J7K$AK3
BJ1KBJHK<DFHFK<DHKFHK@IK,J'K%DI>KB:JK8JK2HKDIK50CKC =H:K<IDK3
=JJ4KEIK?I8KBAK=9K:1K JH;K>JHKCJKBFIK#H@=K<G <DGK@=9KFHK3
DCIKEJH;KF <GK8JK=AK>.4KF 6D.KG C5IK?F1KDHK69K8GKCIKE.KG?K3
<GKCJH?KEJK;JK FIK<JK@IK;JK <DIKCIK J ?HK;GK>DIK=ABFKEA;
G2AKBFIK:H;KK&IK6DIK9FEI5K<DFAKC0?KBIK,J'K?G EJK3
BFHK6GK:9-KEJHK<DGKCIK?FJ"7K! CJ1BKDHKCGK89KB:I
H:K=DAK29EKIK%I5K!7K JH;K>JHKCJBFKC <IK?FJHDKEJK>9
DGK>9 KC FIK>G*KBFHKEJ9K@CHK6GK%9EK?IK;HEK=I8KEHK6G
?FJHK5I4K>@J.-K>JK<=7K#JB/KEJK>GC@FKBFAKFEI"4K<DFAK<JK3
@AKCI5K )IKBFA*K@>J;K <GK?GK2JH*K@=CGK ?G ?GKC0?KB0C
<GKC@=IKEJIK8JK@=GK<IK?GKCHK6GKKEJHK9?IBFKEJK>0C4K>=0KDFA
C@FA@=K>GK@<JHK<DF.7K)JHK?AK,J'4KDF.K?F.B4K29K?GKCIK3
5G ,4K JH;K>JHKCJBFKFIKDF9KBI5K)IKBFA*K@>J;K2DI>
F?HKBAK?GKCIKEJI4KDIK?AK>IK8JKF;97K&CJHDK?FJ54K-HK<GK;JK3
;GK=HK6GK?G DF.K?0CK#9>5IK?9"4K#@IK8GKE9"4K#JB/KEJK3
>GC@FKBFAKFEA"KEJHK;IK:9-K<GKCDGK=97K$ <IKD1K;JHK@J1K3
BAK<0KEJH:K,J'K@=DIKBJK5GKC5IK?F14KCD0KBJ5K@=DI@FK8JKCAK@IK3
8GEKJ9>5I?7KIK=GK;JI@=K)IKBFA*K@>JKCAKD0@5KEICGK?FI
F?HKBAK?GKCIKEHK6GKDGKFHKDCI(K>DHK<9K:.KBHK6GK<1K=IK?HK;GK3
>DIKB:J7K%I(KCJ1BKC <DFHKEJK>8JKCG+(K JH;K>JHKCJKBFI
BFAKEJH
#IKFHK=IK,G8K@>I"KCFGKDH;K8HKEJKEGCK@>JH:K#@>DA"
@=IKDIK@J14K-HK2AKDGFK6GKDFI5K<5GK;JH*KJEJHKG6DIKEJKBFIK@J1
?G @50C7KDK6IKEJKF9K:HK@JH(KDHKCGK89KBA:KEAB/K>89K20C7
$AK<DGKCIK?FIK@CGKJB/KCAKFEICKB0CKC <GK8H4KI DIKBFH:
EI<GK8IK2JK=HCKEHK<G? EJHKF5G;KEAK>DFA-KEI)DIK>GCK3
DHKCGK89KB:I4K@>GKDGK,J'KEJHK;IK@J5KF2DG:KEAB/KCK3
@FH;4K)IKBFA*K@>JK>GKB/IK<GKC@=IKEJIK2HFK2DGEKEAB/4
>=0KDHK<DFHK6DAKCIK:.7K
,DFHKCJK?AKCI(KCJ1BK;G-KEI4KI EIKCH=K=DFHK2I4K-HK6?A
C KD7K)IKBFA*K@>JK<DFHK6DIKCAK2GKDAK<IDK8IK;HEK=IDK3
EH4KEIK<DICK?1KFDF9KBJK>D1K<9K:.KBHK6GK<1K=IK?HK;GK>DIK3
=ABFKEAB/KDHK695K6DAKJ <0:K?FJHKFI 65GK@H;K JH;K>JHKCJK3
BFI7K$.=K<8JKCHK:H?KEI>4K-HK;IK@AKCA:K?.KEI 98JKBHK29K3
?GKCI(K2IKDAK>IK?AK<DFHKBJCK<G?KCA-KBHK!&KG K<DGB7
JHK:H@=K=H-K<HCKEH4K-HK89?KEG+(KD9K@FAK?G CI8K>JKG =G4
-HK2AK JH;K>JHKCJBF4K'IK>JHKCJBFKBFAK'H;K>IK<GK>IKFAK3
CIK8JKC &K;GDK?AKBF1K+BJH:KEJ-KJHK@JGK5GCK@>J4K)9=F
J,IK8JK>G=7KGK<DFHFK@<DIKCJHK?8JKCG+(K@<GK5HBFKE.K JH;K3
>JHKCJBFKDGKF9K;JHKG?K?IKEJHK:HK;9KDF.K?9K?9@F4KI )IK3
BFA*K@>JHK;9K G?KFAK@>IKEJHK C5IK?FA7K &D9?KEGK :H?KEI>
CAKG2DIKFJ(K @GK2JH4K I2AK 60DKEJKBAK G2K8HK68JK $IDK@FIKC14
6DGK-.BK>JK8GK%IK;JKJ ?AKEIK;JK=H;4K:HK-HK8JKDF.?KEJHK<DFAK3
FEIK JH;K>JHKCJKBFGKCJK<DIKCIK?G :HK6GKC5IK@EHK6GKBFIDK3
EHK6GK@IK8GKE9KF6CIKDIEKB:.K?GK;JKEIKB:J7KJHK:H@=K<HCKEA
CAK29B/K@=DI:K>9K6HKEHKDI8KEHK6G4K>=0KDAKEJHK9@=IKEJH4K?GK3
<0K>JK)IKBFA*K@>JHK;9KEJHKG2JHKBIK@J1K<GK;EJK>IK2DIK=I
CJH8K>GK+BJKCJHK-AKJ%K%8I7KJHK;IK6CIKDIEKB:J4K-HK2JFKEH@
G?K;0KCJK<5IKBHKEJIK<GK?I=K>0C4K?GK<0K>JK<DHKFH@K,J'KEJH
FGK@=IKEJHKG2KCGK5IKEAK<DFHFKFDHKCG8K=GKCIKEHK;IK@AK<DFHK3
CG?KEJKBF.KBA;KIK?AK)GK;JK@IKDFAKIKDGK?GKCAB/7
HK2AKDHKCGK89KBA:KEI 6GK=GKCG+(KJ FIK<I5KCAK@F5AKF <GK3
>GK:0CK#IKFHK=AK,G8K@>JH:"KC EIKDGK?GKC.K<DFHK@=DFH*4
DHK?I>KB:IK=IK>GKEJHBFKEJHK<GK=DFHK29K:HK<DFHK6DIKEH:K<DFHF
,G8K@>1KCG:KEA4K65GK?9KJ65GK?9KFJHK;J4K+;JHDK=H8KEH:KH<JK3
?HK;JJ4K 9<I?K>9K F5GK=HK6G4K 2IEK>0CK J <DGK?9>KB:J7
! <DFA =A;K:H@FKBFHK9>IKFIKEJIK@J1KEI EJHK2JHKI=K>J
GK@>JH:K F ;JHKBFH;K 6GKDHK:.KBA;K J IKDGK@5IKCH;K )7
9 <JHDK@J7KG =HK6GK<GKCGK?FJKG608KEGK>DIK:GKCH:KC@<IDK=H:
<GK-IKDH; K CGK:HKC0?F=CK GDIFK >IK=IK@=DGK%AK C@FA@=K3
>JB/KEIKDIFK@IK;GK8GK=0C7K!8K2GKJEKEAB/KCAK?IKDFH*K<GK3
?G2KEH:K;JIKDAKJ @>IK8JKEJHKF21?KEAB/K?G CAKCGK5IKEJI
29EK=GCKEJKBFAB/KH;GKB:J7K9?KEG+(KFDGK2JK5IK@J1KEJHK3
FDACKEI4K@BH<K=ABFKEI7KHK?KCGK8HK?KCGK6DJ8K89K:H4K=IK>IK:H@=
8HKEJKCI7K ,IK=DJGKBJK F2JHKDIK:.K @J1K =A8K>GK EI ;HKBFIB/
JGEJHK<G?K8HK65G+(K,G8K@>JKCI8KBF.KEI=DAK29KEIB/7K&I;
JB/K+DGK?GKCJK@>GKEIK=9KDI8KEHKKEJHK<0:K?.K?G 8IK@97K,GK3
C@=IKEJHK)IKBFA*K@>JHK;9KEJHKCAK<IK8JKJ EIKCH=KEJHK21K3
?FJHK;065KG?KEJH+(KFCAKBJ1K@=CIK;GKDI8KEHK6GK:I>KJEKEJ
<GK<IK<DI*KBAK6HE7K0DK3)GK;GKDGCK@>J4K&DI9K69==4K)GK3
+BJ9@FK>G7
)I-K?HK;9KCG8KEGK:H?KEI>KCJHKDFA(4K-HK:I>K65GK+EG
>DFA>KEJH4K=GK&IK=DAK9EJGK@.K@J1KJ FCIK8.7KH?KEI>K<HCK3
EJH:K@FHK:H@=4K-HK JH;K>JHKCJBFKFIKB/DA<KEJH7 =GK:H@=K=G
DAKFAK>G4K>=0KDHK,G8K@>IK<GKEJH+(K:H@=K6GK=GKCI7
@>J;K,DFH?K;JHK+BJ94KEI ?HK;GEK@=DIKB:HK?G @.K?0C4K-HK3
2AKC@<JHKDI(K@CGKJB/K89K?FJK<G?K?IKEAB/KG<DHK@:J4KEIIEK3
=AK<IKDIK?AK;JK5GK+BJKJ C@F1K?FJH4K6?FJHK;G-KEI G2K@JK>I(
=HKDHE7 EIKCH=K:HK-HK8JKFI <IK=DGK8IK;JKEIKDGK?GKCH:KDHKCGK3
89KB:JKEJHKJ?FJHKIEJK89?4KIEJKCG:K@>G4KEJBK=G4K2GK>DGKBFA
FI EJK;JK ;GBK EI:KCJ1>K@FIK K >IK;HKDAK =HK8HKCJKFA:KEH7
! C G?KCGK?IB/K?CJHKBFIDKEHK?AKCJKF:HK>IDKEAB/K89K?FJ
F2DG:KEAB/KC>DGK<JK?5I4KFCJ.KFH>K#'GK8JK?IDKEG+("KJ@FHK3
DHK6JK<IDK=A:KEHK,J'7
IK?AK>IK5GKCJH4K>=0KDFAKEJHK;GK6.KF?GK2A(KCJ1>K@FGK3
+BJKC CAK2GKDIB/4KI ?A@K<GKE9K:.K>IDKEAK;JKGDK6IKEJKFIKB:IK3
;JK2GK:GCKEJK>0C4KFCAK>8HKDGK2J.K<DFHKCD0=K+DG?K>IK;J
6CI5K=GCKEAK;J7KFAKCJ1BK@JK5G;K@=IKDHK6G4KF6EJK5HK6GK<GK3
DF.?K>9K6DGKFJ4KBFAKEJHK6DGKFJKEIKDGK?GKCGK3<DIKCJKBGKCI
;@9>>@6C97.C,=A@,7B2,34
&AK?FJH*K=HK;9KG<JK@IK5H;K:HK?HEK?FJH*
F <DGKBHK@9KIKEI )GK2AK8I*K@>JHK6G4K<DHKFHK3
@IK EJJK '=GKCIKDFAK@FH*K J DK6IKEJKFIKB:J
,G8K@>JB/K C !;HKDAKBHK IKBJ*K@>JH:
'K,!7K HK6GK FCGK8HEKEJKBAK CAK@=IK3
CJK8JK<JK>JHK=1K<DFH? @.K?H;KC $IDK@FIK3
CJH4KEJHK>=0KDFAK9BFH@=KEJKBFAK8JKC <DGKBHK3
@JH7K'>IDK-AKGEKG FEJHK@5IKCJHKEJHKDHK?I>K3
=GKD0C4K >=0KDFAK ?D9K>GKCIK8JK =H>K@=AK ;0K3
CJ.KBHKG <GK?H:KDFHKEJIB/4K-HKCAK?IKCI5KGE
AK?0CK9>DAKCIK:.KBAB/K@J1KCBFIK@JHKG>9K3
<IKB:JK J JEKEHK B/892KEHK ?FJHK5I7K FJ+
<DFH?K@=IKCJ1K@=DH@FKBFHKEJHKFIK;JH@FKBFGK3
EH:K C JEK=HDKEHKBJHK DHK8IKB:JK :H?KEHK6G
F 9BFH@=KEJK>0CK<JK>JHK=AKJ <0KEJH:K@FHK6G
;IDK@F9K<G? >DFA-K<DFH? ,IK5IKBH;K,DHK3
FAK?HEBK>J;7
'>5IK?IK@J1KF =DFHB/KBF1K+BJKFIK=AK=9K5GK3
CIKEAB/K #,DFAK6GK=GKCIKEJI"4K #GFK<DIK3
CI"KJ #,JK>JHK=I"7
K?EJKCBFHK+EJH:KI9K3
=GDK<DFAK:HKB/I5K?G $IDK@FIKCA4K9<DFH?K3
EJGKCAK@AK5IK:.BKFIK<DGK@FHKEJIK?G ?D7K'HEK3
?HBK>JHK6GK F &HK8HKCJKF:JK IKDGK?GKCH:
J IDK>IK,G?K8HK@>JHK6GKF &HK8HKCJKF:J
;JKE9=7K$AK?D9K>GKCI5 K98GK=H>7K?I5
@J1K<G? >DFA-4K<IDK?GEKK<G? )DFA-7
I5 F5K ?I=K>9K EI CAK-AKCJHKEJH7
#)DFAK-IKBA"K<DFAK:1K8JK6GKF EJHK9%KEGK+BJ.4
I8HK<GK=H;KG?KEJHK+8JK@J1K?GEJHK6GKF<DFAK3
:IKEJ.4K 2GK 5+=>2=> 146(> /7;>6:5#2"> *.8<:
<6(>9<>3=">,>*=+$">!=55:91=>< 6(9:/> =
/;5=>.8;>9;>9= +=>2<:>;53=7>;>946(>>.=%
)'> *;7'>6'> (:7>&=1>3$"> 9=7;>.;>24> &<>*;5> 684
3<:+>&=5$>9= *;7'>6;>7;>8:58+=>5<$>/; !;-56: 7
FAK8JK>JH5K2IK@IKEJHK2AK5IKEIKDGK?GKCIKFA
>JH5K2IK@IK2AK5IKEI 6GKD.KBG4KBFAK@5IKCI
I @FBF1K+BJHK .7> :9>.:6>3<> 0<>0;> :
0<=+>8=>/-=>9;>2=>94>.4>,7>2 58/<1=-,>24%
0,5<+>8=51$/512; 4K2GKCJH;K ):51>;9>9= /<%
3<:1=6(>&=7>.8;>/;178:&>94">&;>9= ):>*;>/784%
68:>/<:>):51>5/78$1">9=>0<;14>< =*7:>*=1>/7'%
.;12#7>684 7
$ @IK8JK2AK5A KG@GK2A4
C+D0?KEJB/K &7;6=> 784>=> =7<,58
;>0;7;253<>< .:-:>*=6<>7#>946(>;7>*=>9<%
8=6)<>8 2<:-,>517;9>!;-53<>2 140>
8 .=53= 4K BGK>G8KCJH>K =HEK @>D0=
GFEIKBFI7K ,DFHK@59KB/IKEGK 2JK6EJHKCI
'9K8IK=ABK>JHK6G7KEK@J1KEJHK<DFAK6GK=GK3
CI54KG?KEGK=GKCIKEG7K #*+>,4>/7;5146(
=7>*,>0:91#2"> 0#>2<> )=> 9<:)> < ):.>9;%
89=68>9<: 7K$JK?I(KEJHK;0657K!?KCGK>IKBJ
G@>IDK-GKEAB/4KC CJ1>K@FGK+BJKC FIK@=1<K3
@=CJH4K 9<:>&4-<>1=3>9=6(=->9<>< 9<:>/78:%
583=>.8=-<>)=3><6(>58:> ;>2<: 7K'1K?FJIKFIK3
>G*KBFA5KDGFK<DIKC17
7> :9>.:6>3<> 9=>*7=+ > <->04
< =7:3>!;.-:6>3<>9=>*7=+> <-0 7K&GKDIKFH;
?IK:H K%J8K;A7KIK@=1<KEJHK<GK@=IKEGKCJGKEG
F5GK-A(KCJHKEJHBKC J;JHKEJ9K'K,!
EI)DIK>GCK@>J;K,DFH?K;JHK+BJ97K$6DG3
EJHK>J8K>9KEIK@=9KG@027K =>/7;>/;>9;>2=+:0
3;-,0>9$> 9= 68:-:> 31#7:)> &$>.8<:> 58:.+
,0,9>.,7;>2=>94> 2 517;)=6(> 17;9>9<612=
=7;>.;>2:>*;>/+3>=5<=3>< 3/1>3=1,-53<
9<;5'6> !;717:1> !7:>8:5=> 9=51$/>9<:> =>8<%
0<:78> 2<1;> < )=> 8 /+3> 178:>3<:0>
9<;5'6> 6<$>3<"> ;3=>8=+4> 2<:>9<:6> 8 58=7> '
8 9=>/<5:0>!=>0<$>6< >8=>0;7>.;>2=>946("
=9> ;>&4-=53<> >! 7K$IK6JK<GDK3
=DHK=9KEJHK<GK?IKEG7K I EJGK@.KBAK;JK@F5I
6D9K<IKF %8IK6IK;J7K!8HKEJHK?IK8HK>GK9@F5I7
,GK:HKB/IK5IK =DFHK;IK @IK;GKB/GK?IK;J4
I 68$>/;):>6(=+=>3;>0,>9<>3=>6)'>0<:)53' 7
$AKB/GK?FJK <G :H?KEA;K @IK;GKB/GK?FJH
EI %J8;7K ,G 7K C@FAK@BAK 2AK8JK EI
;JH:K@B97K .;7=>.4> 540>/=14>8,)'>6:>*;> 8:
09'> ; <>6:7=> /;-<>6)<> 7,584-<> 04> &;68>9'
,-<68>3'>)=>3;>-,>9= *7,>/=>/78:>6(;.>9<#2 7
&IKBAKEJHK+BJK+EJ1KBJK 7;8>2<>9$-<> 04> 17=95%
/=7:914"> , ;7>0;>2=-<> 04> 5843> < 2;->940
37;>3<:0> .:> <-=>.;>240> .;58-<> 04 > 0:%
17#2>.; 0<:)56=>8+;>:>9<=>2<:>6= 7K,GK=H;
+<JHKCIK8JK/A;E7K 6DGK;IK?FHKEJK?FJ1K>GK3
CIK8JKG>8IK@>IK;J7K!>G;K<IKEJGKCIK5IKJ;
@>DFAK<IBFK>IK 8=+=12<;>9= /78:8> :> /;-<%
6)=91=> /=>9= =>9,58= 7KIK@=1<KEJHK2AK5A
8JBFKEHK<DFHK;0KCJHKEJI7K !78:>0=>2<=-<> 04
/78:8> ,78'>.8:>9<:> *+;> 9;>0#>2<'>6:> /;.%
1784>04>2=>9:> /78:8> =7>3=> :7>9<6>3<:>*; 7
,GK8JKB:IK@59KB/IK5IKF 9CIK6.7K,GK=H;KFEGK3
C9KG?K+<JHKCIK8JKGK=17KIK@=1<KEJHK989K3
2JGKEA;K<DFHFKEIKDGK?GCKB0CK@FAK>JH;
;IDK@FGKCA;KJ >DGK>JH;K?HK%JK8IK?GKCA;
9?IK8JK@J1KC ?DGK61K<GKCDG=KE.7K ,3>&,%
1#2>; <>6:753<6(>/+3>=5<=>3=>5+4>6(=>&4%
+;> 2 /;+;>2<:> =758=>24 7KD9K6IK<GK5GK3
CI4K<GKF2IKCJGKEI /9K>94K<GKFGK@=IK5IKEJHK3
9=9K8GKEI C -IK897KI>K@J1K:H?KEI>KG>IKFIK3
5G4K 2584564>&4-<> 04>9<:>824>3-:>8=>.;>2;-:%
9<>< 2 .;>&746(>(,>0;7=6(>8 .;>&78:>5/:+%
9<;>9:>*;>/=17<;1468>9:>*;>;&;>2<'8>3, 7
$D0KBJK8JK@IK;GKB/GK?IK;J7K!9K=GDKDHK8IK3
B:J4KIEK7KD9?KEJHCK@>J4K-AKBFA5K<DFAK3
:IKBJGK5G;4K9BFH@=KEJK>G;K<JK>JHK=A4K,IKE9
,DHKFHK@GKCJKJ J9KD9K'K,!KC@FA@=K3
>JHK6GKEI:K8H<K@FHK6G7K
GK8IK>DFAK-IK<DFH? <IK5IKBH;K)GK;GK3
DGCK@>JHK6GK @=IK:HK @J1K BGKDIFK 2GK6I=K@FI
J 2IDK?FJH:KCAKDIKFJK@=I7
2<A;=AB<;9A>@6C97.C,=A@,7B2,34
,'K,JK@GCKEJIKBAK=GKCIKEAB/K%DI6K;HEK=0CKGDAK6JKEI8KEI7
354318113.003.png 354318113.004.png 354318113.005.png
 
%DHK?8KDJKB8KDJK@ ABDHK@GIKGI9K?HK<H9KA?G;KH14HK3
AGK4JKF=8K;57K2IKJDIAFKBHK@JK4JK)JKCIKBJ7K?B,KD>K $() ()'(
#( (#))$'%)' .K 6>K@JKBI9K,@K*K@GJK=HK;HKHEG;
B>9K?HKB>K9I7K2IK:IABKF &JK9GKAFJK*K?HK:JKDF>4K?HK6GIKB>
@ CG5K2>KF 6IFK<4H=KE>K;GK;J4K2I$KAB@JK;GKG &%) &)(
'&) &)'!$)# )(")&)& )& )" )$)()'%)'%
$()!&) )()&)')$)')() )!)#'%)'%) )#()%")')
)#() ")" ) ')! )$&" ! .KIK=GJKFJKC04>KAB>K@JK4>KAG/
H68KDFIKEGI;7KJ )HKDJKGEKBIDKEIKBHK@IKFJK<I4KEGK4>K@>KDJK3
FJK;GK86HK9IK@JKEGJ7KG2K?HK9IKAGHK@GK1DHKFGKB>9K?H K9JB.
!JK4JKBJK0GKABIKDGJK:IABK?9JKA>CFKE>;K<DF>K?4JK=I;K?JK3
BHK9GCK?GI:K0GK<HK?D>KF:G.KIK-9GK9IK@GKCJKC0CIK@J9KCF>+
F ?9IKD>K?JK9GKFJKC:5K?DJK:8K*KHBHK=HK6D>K<8E?BKFJKCFIK3
<GIKEGJ.
J?KAG/KA?4JK=J7K2IK<H9KA?GIK<DJK@HK@B>;KFJK?DIK3
AGIK:IABKFJKA?JK?8K:5KCHKEHK@HKCFIKAEIKG08K;JKEGKAB>CFK3
EI.K&HK=I?AKDHK=FGEKE>KG H<GIK?8$KCF>K<DFIK@GK=8K:I
:JK?HK<H=KABJK@HK@5K)HDK;/KJ=KH<KC:GK<DF>KA<HKAHK6GIK3
EGIK=FGICK?JKFJ F1HK=5KDHK=FGKC,@K6GHK9HK1GCFKE>C0
@ <DJ?KB>KCIKEJ:KCF/K-CGI:KAJK;HBKEI:K;JBK?G7KFJ-
@>K=JKEGIKBI:KF1HK=>K@ CGI;KEH7KCF>K9GK %$)()$()
#'()&&) )$ ) &) ()'() )!%)& 7KBDJ?KB8K:IK:JK?HKA>KB8K3
JC:/KAFCFIK1,9KE5.KEJKCFI:K;,K@G5C7K<DIK)IKDHK@JKE>
<DFIFK<DJK@HKDHK=FJ:KJ=KH<KC:GKBHKBF@.KJ=KH<KC:JKFI
@A?JKFJKEGI;7K@ ?B,KDI:K;JBK?JK=IKC>K=8K:I7K?HK;8
H=K=JK=FGICK?H.KGIK;8KAF5KBHK6>+K:I:K?DI@KEG7KEGI
;8KAF5K A<I4KEGJ+K @>K;HK1,@K ABJK@GJKE>C0K <DFIF
H-DH=K?GKJ=KH<KC>:KEI.K!HK@G/KCI:7K@ DJK;JC0KFEGIK3
EJK@GK=FHKEI:K<DFIFKFGHK6D>F;K9GK6IKDJ9KEI:KEHK@IK9GK3
FJKC:GK?HK=I?KA8K?JDKEIK1HKF KD.KF <DJK@JKFEG?4
<JKDJK1DJ)K;,K@G5KC>KH 0JEK=98K=FGI+K;GK@ CIK9JC0
J=KH<KC>:KE>C0.K&JKDJ9KEIKK;GIKAG5KCIK=H K9JBK:IAB
:IK=>KEGIKFJKDJK6GJKEGIKEJ <HK-DI=KEGCKB@GIK<DF> EGIK3
F1H=KEI:KF <DJK@I;KJ=KH<KC:GK*KCF>K9GKBH7KFJ CHK6I?K3
EGIK?HK9HKF &JK9GKAFJ.
(#)%))' F=IK)GKEGHK@JKE>K:IABK@ GEKE>;K<JK3
DJK1DJK)GIKG<H=K9IK1JKGEKEI:K?JKDFIK;GKEGK;8;K9JKBJ.
DFICFKEGCKB@HK=H-+K<HK@AFIC0KEGIK8FEJK:IKD,2K3
EGKC/K;G/K=F>KB>K;GK=@HK;JKF:JK@GKA?JK;G'K0JEK=I9
98=K;GK <DHK@JK=FHKE>K :IABK @ CIK98K #'%)$&)#
$ $))&)'&"&)&) !' KEJ:KCF/ABKAF>;K<DF>K?4JK3
=I;K:IABKB8KEGIK@H9KEGCKB@HKAI?KA8KJ9KEI7KJ AFCFIK1,9K3
EGIK;JK?JK6D>CFKE>;K*K0JEK=I9KHDK1JKEJK;G.K!IK9I;
J=KH<KC:GK:IABKFJK<I@KEGIKEGIKEGIKC0CGJKEIK;8K=FGICK?8
=HK;8KG DHK=FGKE>K*KF <DJ@KEIK1H7KJ BJ?K2IK;HKDJ9KEIK3
1HK <8E?KB8K @GK=FIKEGJK BD8=KEHK @G/CK @DF8KCJ+K :5
=H BIK1HKAJK;IK1HK@HDK?J7KEJK@IBK:IK-9GK@G5K2IKAG/
F1DJKB>K)GK?JKC:5K)GKEJEKAHK@5.K
CF>K@GK-CGIKJDIAFKBHK@JKEGIK<HK-DI=KEGK?JK@>K@HK3
4JK4HK14HKA>K*KE<.KJDK6JKD>KHK4/K1H@KA?GI:KF 8EK3
=JKC:GKFGICK?HK3=KH<KC:JK3HK=FGKEJ*K2IK<DJK@HK:IAB
F4I7K6HK<DHK@JK=FGK=HBDJ?KBHK@JKEGJK=FGICK?JK:J?KBHK3
@JKD8KG BDFIK6JKCH-KF B>;KFDHK6G+.KJK4HK2/KAG/7K2I
?HK9I:KEIK=HKEGIKAGIKEGJKH A8?KCIKAGIK@GI9K?HK<H9KA?GC0
-9I=KCF>C0K*KBIKDJFKAF8K?JK:5KDHK=FGE7K?B,KDIKA?HKDF>K3
ABJK4>K F 8A481K <DF>K;?EG/KBIK1HK <HK-DI=KEGK?J
*K@CFIK-EGI:KCF>K<,KEGI:K@>K@HK4JK:5KF9JKA8K<HKA4JEK3
?/KHK6ICK?5KCF>K<HKA4JKHK@GKEJ7K?B,KDF>K<HKABJKEHK3
@G57K2IK<DJK@HKBDFIK6JKF;GIKEG+KBJ?7K2IK6>KAFCFIKDFI
G <DJ@K=FGK@GIK C0DHKEGK4HK =FGIKCGK <DFI=K 0JEK3
=9I;. =H <8K=4JK<HK@GEKEGKG-+K@AF>KAC>K<H D,@K3
EH'KCG7KCHK<4JKC57KBI7KCHK6GHKD5KAF;J9KG CG7KCHK<HK3
-DI=KEGKCF5.K @ H1,K9IKBHKEGIK;JK<HK@HK=87K2IK6>
@>KDH=KEJ ;JBK?J7KCHKEGIKC0CIK=FGICK?J7K?B,KDIKEHK3
AGK4JK <H= AIDKCI;7K ;GJK4JK CH-K =H <HK@GIK=FIKEGJ
EJ :IK1HKBIK;JB7KF=FGKDJK:I=KEJK%HK@GEKEHK:I:K@>K3
ABJDKCF>+K"H?EHK2>KCGJ#
%H9KA?JK:IABKFDIAFKB5K:IK=>KE>;K?DJK:I;KI8KDHK<I:K3
A?G;7K@ ?B,KD>;KBIEK?HEKCI<BKEGIK@F68K=FJK?HEK3
BDHK@IDKA:G.KJ?K2IK6>K;,147KA?HKDHK"H?EJK2>KCGJ#KBH
% )( ' )$ ( )! ( ) " % ) " ( ) % # )" ) ( )# ( ( ) ( GEJ=?J2K=>;
@GKAGK0ID6K<JK<GIKA?GKHDJFKA>;K6H9K!JKDGKBJA.K>;KCFJK3
AI;KH6GI?KB>@KEGIKDFICFK6GHKD5C7KG=IJK:IABKCHKEJ:K3
;EGI:K<DHK69IK;JKB>CFKEJ *KB>K9IKFIK@F19/K=8KEJ <DJK3
@JK=FGICK?J7KG9IKF<HK@HK=8K@5BK<9GK@I:KA?8KBICFKEHK-CG
<JBDFKDJ;K?J.KDIAFKB5K%HK9?GKF=JK:5KAG/KBHKEJAFCF/K3
-CGIK DHKF8K;GI+'K @ <H9KA?GC0K AF<GKBJK9JC0K ;JBK?GK
CHKDHK?8KFHKABJK@GJK:5 ((*(((KEHK@HKDH=K?,@.KH
@AF>ABK?GC0K"H?GIEK2>KCGJ#K*KH= DHK?8 ((7K1=>
FGK@GAFKHB@HKDF>4K<GID@KAFIK@&DJK?HK@GI7K<HK@ABJK3
4HKGC0K:82K<HKEJ= (K*KBDJK)GK4HK@ A8K;GIK;EGI:KEG2
BDF>K=FGIK-CGHKDHKEGIK;H@K95B.
>;KEGIK;EGI:KBHK=FG8KD>K@ ?HK-CGI9KE>;K;8KDFI
A5KEJ:K6JDK=FGI:K<DHK<JK1HK@JKE5K<DFIFK<H9KA?GIK;IK=GJ
G"J8KBHKD>KBIKB>#KDIKCI<KB5KEJEGIKC0CGJKE5KCG5K2/.K ABJBK3
EGHKHCFJKDHK@JK4JK;EGIK:I=KEJ <JKEGIEK?JKF 7
?B,KDJK@ DHFK;HK@GIK<HK-@G/KCHKEI:KB8KD>KAB>KCIKJ6HDK3
C>:KEI:KFJK<>KBJK4JK:JK?5-K)IK;GKEGABK?/7KCF>KBHKEGIK:IAB
BJ?7K2IK?HK6GIKB>K@>K:I2K=2JK:5KFJ 1DJKEGKC/K<DFIKD>K@J+
CG5K2/7K6HKBJK?JKFEJK?HK;GKBJKG=IJ7K:J?K"H?EJK2>KCGJ#7
EGIK:IABK=HKABJKBICFKEGIKEJK14HK-EGHKEJK
=>K<HKA48KC0J+KB>C0K@AF>ABK?GC0KH68KDFHKE>C0
"0JEK=9I;K=FGI+K;G#K*K;H2KEJ H=KEGI-+K@DJK2IKEGI7
2IK@4JK-EGIKHBHKC0HK=FG.
6HK@G5KF8K:5KCJK@ <H9KA?G;K=>AK?8DKAGIK<8K69GCFK3
E>;K@>K?4J=KEGJK6DF;G'K&J2K=JK;JBK?JK?HKC0JKA@HK3
:IK=FGICK?H.KFGICK?HK:IABKEJ:K@A<JKEGJ9KAF>;K=JKDI;
H= HK1J.KIK-9GK@ @>KEGK?8KA<9HKB8KI?AKBDIK;J9KE>C0
EGIKAFCF/-+K?HK6GIKBJKEGIK;HK2IKAG/KB>;K=JKDI;KDJK=HK3
@J+7K<HK@GEKEJ 1HKF@D,KCG+KHK18K<HK<DFIFK"H?EH
2>KCGJ#KHFEJKCFHKEIK0IDK6I;K<JK<GIKA?G;KGA<HEKAHKDHK3
@JKEIK<DFIFK!JKDGKBJA.KJ =D8K1G;K6GIK18KEGIKA5K?8DK3
@>7K?B,KDIKA<DFIK=JK:5K=FGIKCGKFJ<GIKEG5K=FIKGBJK?GIKEJK3
9IK2JK4HK6>K@AJK=FJ+K=H;J;KDJ.
AHK6GK-CGIK@HK9JK4JK6>;KFJKCF>KEJ+KA@HK:5K=DHK1/
2>KCGHK@5K:JK?HKCIEKE>KBHK@JDKH</=FK9HK@JKE>KDHK=FGK3
CH;KFJKAB/<KCF>;7K?B,KDF>K1HKBHK@GKA5KA4HKEHKFJK<4JK3
CG+K*KCHKHFEJKCFJ7K2I'KJKABJ+KGC0K6KEJK<DJ@K=/K
G;KFJK9IK2>K*KEG2K@ C0JKDJ?KBIKDFIK6IFK<J$KA?GIK1H
<H=KDF8BK?JK@ H?EGIK?9JAFKBHKD8.K9IKA?HKDHK:82
<DF> B>;K:IKABIK-;>'K@ <H9KA?G;K<DJK@GIKEGIK;J
FJK<GKA87K?B,KD>K6>KABJKEHK@G47K2IK=FGICK?HK:IABK@4JK3
AEHK-CG5KDHK=FGKC,@.KHKBI2K:IK-9GKDHK=FGKCIKJ=KH<KC>:K3
EGK?8K<8K:5KCH-KH=;JBK?GK6GHK9HK1GCFKEI:K*KBHK?8K<8K3
:5KEGIK=FGICK?H7KB>9K?HK<DJK@JKDHK=FGKCGI9KA?GI.K%DJK3
@JKDHK=FGKCGI9KA?GIKA5KFJ-K=HK6DI;7KEJ?B,KDIK;JBK?J
CG/2K?HKFJK<DJKCHK@JK4J.
6GHK9HK1GCFKEIK1HK<8E?KB8K@GK=FIKEGJK<4,=K:IABKHDK3
1JKEGKF;I;K<JKAHK2>KB8K:5KC>;KEJ HDK1JKEGKF;GIK?HK6GIK3
B>7K CHK :IABK =9JK BIK1HK HDK1JKEGKF;8K @>KCFIDK<8K:5KCI.
GAFKCF>KF/K6>7K?HK-CG7K@4HKA>7KA?,KD/7KCF/KABHK<A8K:I
@FDH?.KIABKFJK6,:KCF>K=9JK)GK18KD>.K&HK6GIKBJK@ CG5K2>
2DIKFJ =@,C07KCHK:IABK?HAFKBH@KEI.KF>K1J7KCHK:IAB
EGIK<DF>K:I;KEI.KHKCF>KAG/KG @F=>K;J7KCHK8BD8=KEGJ
D8KC0>.K!F/KABHKEGIK;HK2IK<DJKCHK@J+7KCHK<HKF6JK@GJK:5
-DH=K?,@K=H 2>KCGJ.KDIAFKB5KAFJEKAJK6JK6>KF 6DF8K3
C0I;KEJ FEJK9IKFGIKEGIK<DJKC>K:IABKFIKDHK@J7KJ 0HK=HK3
@JKEGIK6DF8KC0JK?HAFKB8K:I'K9IK?G7K9IK?JKDFI7K86DJKEGJ
!HK@G/KCI:7K?HK6GIKBJK@ CG5K2>KABJK:IKAG/K@4JKAEHK-CG5
#EI9;=45I*GI1;I@ 97I>FB3I?8F=DIAE>IC;B3I1;I4E
E?CE5I:E< ?A.I>GI9E*ICF :E<I>D7IBF)I1/I?F>IA;5
:EIB3EI<DHIDGI+>GI<CHEI@HGIBDFIH D<FICHG9I@4F<D
@H/?I=DEI+BHI?>FI6.@IG7I>EI:G6I=?HB3I:EI@HICHGCIAF9
:EIDEI=AF)0IGI+8HI@ I@ E-.I8GI:EI6FI@HFI6,I=H/
<DH+IAFI?HGIHCHIB6FIA;I@;I(ICHGI9FI6,IECGIB3FI>F?IAGI>7
?EI+BHG8ICGI-E0IHG6I=BF5I@ ?A.I>;B3I9E*ICF DEI=AFI2
@HF)I<DHGIBH5ID@FICGI1GDIH<GIE8EI-HHIE?CFI9HI87I?FI2
9H5I?8FI:FI9HI<DHGIBH/IB;I9H5IDCF6I<7I6,I=H/I@ =D:HI2
AFI8FB35IBEI6G=AIE A;I8GI=GCI=E@ICG5IH*I:EI>D7IBEICG
<DHGIBHIH AF?I97I=D,IAF9IA>FI%H)0IF?A5I*GI@ #E8I=BG
A>FI%HFI6,I:EI:>DGDIEA@.>I@ 97I>DGI?8F=DIAEI>75I9F
@H/IBG6I@=:.8ICGI-EID ?EI+BHG8IC;9IGGCIAG9ICH*
D<E1>G9I :E<I>D7AI?.@0I G=AI D A;9I @=DF?I*G
@F*ICHG6I=D;I :>EI18G95I =DGI>EI?EI <;=I?7IAEI@FIC;
@7>EI:HGI(IF 9HFICEI@HIBHGI:>FI@FI<DHGBI?F5I?A.I2
>GI AGI-EI A;I:7I >EDI@H,IDFICHGI CFI>7I=DF0I #>DG<G
@=D;=AI?H9IB3EI<DHIE F>A0 IEGCIDGIAE@I=?HG6I"ECI2
@GCIB6HI #>F@I !DHGBI?F5I ?A.I>;I 9.I@HI E :>FI@HG
<E @HGI<D;IE =@EIH9I:EIB3EI<DGICH70I@EI8GCICHIB;
'<DHGIBH/IB;B3I E?HGC&I F>I-7I9GCIA7I6,5I *GI <DHGIBH
H AF?I=,I:EI>D7IBFICGIH BD/I=AEIE< AGI-EI79HGI>FI2
6,I(I6G<ICF?I:>DGIBH@ICHIB;IA@HG>I<D,5I*GI=:EI=EI2
1G9ICF @F8I?/ID A;9ID6FI@HI=?HG9ICHGI6G=AI8GI-HIA;I2
9HIDEI@FICHGI:>DGI=A/:I=A@FI:EI>D7IBGICHFI<DHGBI?F5
A;8I?EIG8HI9HICFIB6FI=;IA7IFB6H5I@ ?A.I>;B3I<DHGIBHIDEI2
=AFI6,I:EI>D7IBEICG0IEIEDCFIBDFI:>DG<GI@=D;=AI2
?H9I @;IG8HI9HICEI@FICHGI :>EI18GI97I CHGIB3BHFIC;B3
BH,*I:EI:>DGDIG<7I?FIB6/I=G?I=7IF8IC,5I<EI=A/:ICE+)
FCIA;I?ECIBG:IB6HIH 8GI-F8IC,IF1E>IB6/I(IF @ <>7I-HG6
?EI8G6ICEI+BHI:>EI=AGIH1GDI:HGBDICGI:>EIBGI<7I>;ID>DGI2
BDGICHFI=H/I<DHGBI?FIDFI>FDI:E :EI>EI<DHG5I@ =D:HI2
AFI870I AGI-EI:EI@EI<7I'<DHGIBH/IBGIE?CF&I7DCFICG
DEI=AFI4;IDF CHGI8GI-F8ICGI@ EI8FCI<HH0I
CIC;I :>EI18GI9FIA;BDIC;I F=:G?AI >EDI@H,IDFICHF
E?HGCICGI-EI6G=AIAFI?H5I*GID<FI6GI=H/IECEICHGI<DHFI2
4F)0I HG9IBDGB35I-<DHGI'FI1;I?8F:I:G&I:EI2
@=AFI4;I<E+)I9FI=EI@E5IHB3I@:>EI@FI<DGICHGICHG
D9CHG6I=D;I4EI8HBDI1;I<DHGIBHI:EI>D7IBFIC;B3ICF 78HI2
BFB35I?8FAI?FB3I=B3EI<EI@;B3IH+9HGAICHI?FB30IE5
D<FICHG9IG?=I:G>IA.@5I@=?FID7I6GICF AE5IH*IH<GF
'<DHGIBH/IB;B3IE?HGC&ICHGIA>FI%HI4FI<E CF6I1F>I<DHG6
D<GI=:GI>EI@FIC;B35I8GBDI>FIBDG6I<E A;B3I?EI1HGA5
?A.I>GI7DCFI4;I6,IDF <>EI-/I:>E=AI=D,IH 9CHG6I?4EI2
:EIA8HI@,I CH*I %E>I9F8ICGI D>DGIBDGICHGI =H/I <DHGBI?F
@=D:HIAFI870I!DH+I HG9IB;I>EDI@FI*FI6,IDFI=A,I:HGICHG
E?HGCI9GIB3FICHID9G9IFCEICHI9EI@;B3I:EI>EI<.@0
FI@HFI=G9I9.I@H,BI(IB3E)ICH?AIAGI-EIEBD;I@HI+BHG
CHGI=A@HG>I<DHIE%HIB6F8ICHGI(I@ HG9IBDGB3I:>EI18G9
:EI>D7IBFICHFI<DHGIBHI<EIA;IBD;I-4.@ICHGIG9HI->FCI2
AG?5I =A,<I @;I4EI*EICGI @ E?CFB3I 'HCI=A>7?IB6GI
E1I=47I-H&ICFI:HI=FICGI=,I:E CHGI9HGBI?75I>EI=;6I=?75
A7I>GBI?7IH (IF ?7I?7I(I:E :E8I=?70
<8K69GCFKE5'K?J2K=>K%HK9J?KCF8K:IKAG/K@ <DJK@GI7K2IK6>
F@D,KCG+K:I:K8@JK1/7K2IKEGIK<HK@GEKEJ<G+7K<JK9G+KJ9K6H
DHK6G+K:I=KEI:KFIKAB8KGEKE>C0KDFIKCF>7K?B,KDIK;HK2IK
DHK6G+K?J2K=>KGEKE>K=HKDHKA4>KCF4HK@GI?.K
IK-9GK?HK6GKBJKAJK;JK=IKC>K=8K:I7K2IKC0CIK<DFI:-+KB/
=DHK1/K<DFIFK;/K?/K*KBHK:I:KA<DJK@J.K9IK@ %H9KACIK
?HK6GKB/KF;8KAFJK=H BIK1HK<J$KAB@H.K%HK<DFIFKFJK?JF
J6HDKC:G7K 6DJ?K I=8K?JKC:GK AI?KA8KJ9KEI:7K @<8AFKCFJKEGI
=HAF?,4K<DHK<JK1JKBHKD,@K #(") ()# !)%"&)%)) ()!'
&)!$ 7K?B,KD>C0K14,@KE5KCIKC05K:IABKBH7K2IKEGIKC0DHK3
EG5K<DFI= <HKCF/KCGI;.K%HK<DFIFKEGIKH6ICKEH-+K-DH=K3
?,@KJEKB>K?HEKCI<KC>:KE>C0KEJ 9GKABJC0K9IK?,@KDIK)8EK3
=HK@JKE>C0K G BHK9IKDHK@JKEGIK @ <8K69GCFKEI:K A482K6GI
F=DHK@GJK9IK?JKDF>7K?B,KDF>KH=K;JK@GJK:5KFJK<GKA>K@JKEGJ
JEKB>K?HEKCI<KC:G7K<HK@HK48K:5CKAG/KEJ ?9J8KF8K9/KA8K;GIK3
EGJ.K&HK6GIKBJKF;8KAFHKEJ <DFIFK<J$KAB@HK=H 0HK=HK3
@JKEGJKG 8DHK=FIKEGJK<4HK=8K;JK<DJK@HK=HK;JK1J+KAG/
FJ BHK0HKEHKDJKDG8;KJ9K6HK*K:J?K?BH-K@HK9GKBJ?KEJ BH
A<H:KDFI+K*KH=KAF?HK=HK@JKEGJ.K?HKDHK<J$KAB@JKEJ BH
EGIKABJ+7KJ A5K98K=FGI7K?B,KDF>KA5K1HKBHK@GKH6HK@G5KFI?
<4JBKEGK?JK<DFIK:5+K*KEJ:K;EGI:7KCHK<J$KAB@HK;HK2IKFDHK3
6G+7KBHKEGIK@<GIDK=JK9J+KAG/K;G/K=F>K@,=K?/KGFJK?5KA?/.
DHKC0/KGEKEJ A<DJK@JK:IABKF <HK-DI=KEGK?GI;7K?B,K3
D>K6GIKDFIK<GIKEG5K=FIKFJ A?HK:JKDFIKEGIKB>C07KCHKEGI
C0C5K;GI+K=FGICK?J7K9ICFK;JK:57KHDJFKB>C07KCHKC0C5
GEGIK;JK:5.K9IKF=D8K1GI:KABDHKE>K*K2>K:IK;>K@?JK<GK3
BJK9GKF;GIKG =9JKCFIK1HK?HK9I-K;JKBHKDHK6G+KFJ =JDK;H
IK1HK<DJKCJKBHKEGIKB>9K?HK<DFIK?JKFJKEGIKE8K;IKD8KBIK9IK3
)HKE8'KHDK1JKEGKF8K:IKA<HKB?JKEGJ7KFJK4JKB@GJK)HDK;J9KEHK3
-CG7K=HKDJK=FJ7KCHK;,K@G+K<DFI=A5K=I;7K;8KAGKH6KCHK3
@J+KF 0GKABIKD>CFKE5KCF/KABHK"CG/K2JKD,@K?5#.K ()%"
')()#() !'%)" ) ')! )&)')$' F(*(KB>A.KF4KHFEJKCFJ7
2IK6DJ4 (K<DHC.KHK2IKEGIK:JK?H-KABDJAFKEGIK;JK4H7
J9IKBI2KEGIK6>K4JKBHK<DHK@GKF:JKF4HK=FGI:KA?J7KJ <HK3
FJ B>;K*K)JKCIB7K:J?K@GK=J+7KD>KF>K?HK@J4K<GIDK=9I;.
GIK6>4K6>K<HKBDFI6KE>7K1=>K6>K<J$KAB@HK@IKH-DH=K?G
J=KH<KC>:KEIK<HK;JK1JK4>K<DF><DHK@GKF:JC0KFIK@A?JKFJK3
EGI;K*KJ9IKHEIKBIK1HKEGIKDHK6G57K6HK6HK:5KAG/7K2IK
;JBK?JK;HK2IK=HKABJ+K<GIKEG5K=FI.K
BHK@JDKBHK-CGKC0DFIK-CGK:J$KA?GIK@=FGJK4JKEG8.
"AEI6F?I?AE5IF8GI"EI+BH.4I?FIAEI8HBI?HI
HI6GI-EIF?IA;I@HI+BHICHGI:EI@HCICHI@;I:EI2
@HFI<F)I=H/ICFIAGI9FAI3FCI<87I<DHG)I2
9H0I"EI+BH.4I:>DGDI@HGI?HID97I=DF4I=FI2
9EAICGI?EI1HGIA;I<EIE<I<FI@FICHFI<DHGI2
BHIHICHGI8GICFIA;9IDFI>FI1HF40I1G>I>FI2
B;6ICGI>EDI9HFI>;I:>D;I6/I4EIAEI@I>I8FCI2
<HH5I-<DHGIE<I8FAI$0I<EI$0II@0
CHGIDFI9/*ICGI?EI1HGIA;I@IBH,*;I1;I4;
D=;I4FICGI <EI ?EI+BHG8IC;B35I B3E)
7A>D;I9;I@FIC;B3I :>DGDI :FI=A@E
'!EI9.@I9FAI?HIHI<DHGBI?F&5I?A.I>GI1;I2
4;I<8FI"EI+BHEI4FI?FA0I+@HGAIC;9IHCIAGI2
>GI=G95IHIAEI:EIBD@.>ICHG0I#EI:HG>@I2
=DGI(I:FI=A@EI:4FIBHI4EI97IDFI'E:HGI2
?/&I@I8FIAFB3I$0I1;4IAEI%7CAIA;I-EI2
<CHEI@EIDFI9FAI?/5II=D;I8HCI-HIHII:GCI2
=.@IDFI<DHGBI?E0I#EI<>7I-HGI(I<EI9;
AGI 1;I4;5I :EI<E1ICHGI 6F?I CHGI=4F@ICG
:>F8ICHGIF-I<FI8GICG?5IE1EIDFI9HI:>FI2
B;I<8FI?EI1HGA5IBD/I=AEICFI@GAI9HGI+BHI2
4;I=H/I@IA;9I=FI9;9I17I<;CI?70I#E
A>DGIBHGI (I 6GI+8HI ?EI1HGIAFI B3BHFI4F
E<G6+)I@>FDIDI<DHGBI?HG9IDIAFI?HGI-E
<EI975I 97I=HFI4FI DFI:4FIBH)I E?7:I @
F1I=7>I<F8ICG6ICFIAF9IAGIBDFI=;I@;I=EI2
?EI+BHI $$I %7CIA.@0I I :EI BD@F>IAG
@>G=DIBHGIHICF6I@F*ICHG6I=DGI(I6GI+8HI=H/
CHGI@;I?7I:HI4F5I<DHGIBHI=:>DGI<FI@FICG
1;I4;I?FIAEI8HBI?H9I>EI<DHICE9I@IIDF
?@EIA;I>D/I<7I5IA;=0I<EI8?.@0I!E
?E9I:8GIA7I@F>IAEI<EI<F)5I*GI1;I4;IAE
BDFI=;5I -<;I DFI>.@ICEI CHGI9E@I8/IBF
:=;IB3EI8EI-HF5I6F?IHI:>DGI9;=4IE<I*;I2
@G?I<8FICHGI9E@I8,AICHGI1;I4;I6G=DIBDG
>EDI@HICH/IAG5IAEIAG*I<DHGIBHIDEI=AFI@FI4;I
DI9FAI?FI9HI<EI0I>EI?7I*;IBHFIHI<EI:HGI2
>EIAFI?HGICHGIBEIE<IB3EI@FICGIG?=I:E>I2
AEI@FICEI<EIAFIC.@5IBD/I=AEICFI?EI8FI2
CFB3I ?FIAEI8HBI?HB3I =A7I<GCIA.@I BD;
G9HI->FCIA.@5I?A.I>;9I"EI+BH.4I@IDFI2
9HFCI %7CI<EI@F4I 1HI8GAI CFI =FI9EI8EA0
!EI?4F<ICFI8HBDI1FIE=.15I?A.I>GIDEI=AFI2
4;I@IAGCI=:EI=.1I=:>DGI<FICG5I6G=AICHG
<EI7=AFI8GICHF5IF8GIEBGICHFI=H/I6,ICF
$$IA;I=H/IB;0I FI:G@ICEIIA;I=H,IBGIH>I2
8FC<DI?HB3I<DHGIBHIDEI=AFI4;IF<IE:IAEI@FI2
CGIDFI:EI+>G<ICHBIA@G9I?8F=DIAE>IC;B3
'!EI9.@I9FAI?HIHI<DHGBI?F&I:EII>05
-<;I @I >I8FCI<HHI :>D;I6/IAEI :HG>@I=D,
7=AFI@/IEIF<IE:IB6HI@;I9FI-FI6,IB,I:>EI2
@FI<DGICHFI6FI?HB3I?E8I@HG?I>GI6GI=A>.@0
F-CHG=DI?F0@E8?I28FICHG@I=?F>GI<F?IB6F0CHG0BE90:8
354318113.006.png 354318113.007.png 354318113.008.png 354318113.009.png 354318113.010.png 354318113.011.png
GE-LA@LCJHL?0?-L>GE@L6-LAIFJKLAIL<IL?J1
,HL2:LAILFKLCJHLAG37L>GEHLGKLBDKLJ?0L<I,L=JL4
FIL?JLJEKLCJHL?0KLD@?0L>G32LE73LG@LB;KL4
EKLC@?0LCKCJHL>ILFILAEHLCJH9
"%!"%!#%%$%%#%$% %$#%%!$
!E-ALKCLC@L$:L?0I?L;JH6L(CJKL#HL<IL;GKLD@?ELCK'
EKL>ILFJKLAK8LF@L2:LAILFKLCJH &5LD@B9L;<LK:LDILBDGKA
F &5L=KD9L!E-ALDHCLCJHLDGFK8LCKLFHD &5L<JHLBJ*L?@9
"JHLF@L2:LAILFK8LKCJL6HALCHL7IL;JL=IL<HLDGK9L&LG9
F BFILJ<LH>IBLI 2:LAILFJHLK:LDILBDGKAL<3LFJ8
K=LAHL<KGL .KFL=K;L (.$'9L .ILCJHLFK,L .KFL=K;
I73=LCJHL B8@LC-8L E <J=L?EHLCJK1L >ILFJHLAEJK8L D@=L;IL
D@L=H/L 0LBEIHL;@L 5>LBJLCKL:IL <6KDLFHL K>LDJLADGKLB@ 9
>GEHL?JLFJHLBDFJHLAI .KFL=KL;K1L6HL7ILCKLBD*>L?KL
3LEHL=H;LB@L($#'L=:L2J8L<3LFJLA:L,I1LK=HLIK:L4
DILBDGKLAK?0L>ILFJHLAEJK8LK;:LGKDLDILBKL<I/L 0LBEIHL;@
5>LBJLCKL:I 9L.ILDH<L<3LFJ8LF H>IBL8ILAEJL<JHGE
JL<ILBEHLFJ?EL($#'/L #GE@LA<IHLAE@L;@LE;IKLF@LCIFL8
GKLADG>=LD>LGEH1LAE?EHL7+:LFIHL<GE@LA<IHLAE@L;@LGHLK:ILEKL?90
<GJL7GKL;>L5>LBJLC@LK>LDJLADGKB 9L+K,LA@LECJ?0LL.KFL4
=K;1L=H;LB@1LJL<ILBEHLFJ?ELL>GKL7C-8LF@L2:LAIL4
FK%55;<LF?J-L7:&L=KD9
!KL>IGDL")+LE &LG9/L 7JBLFIHLE <GE@L90LD@;
C :I<L?> ,((LG3L<GEHELKLB0L ILFILADG+CL#GJL7GKL;H;
>LBJLC@L*>LDJLADGKBLC<IHGCLAE@;LHDKL<IHL9HL7JLGHLK:ILEKL8
?9IL%L?E@L:ILC:KLDK?4,((8(L%LEKL=J!L?EJLFHL<JLCIFLF@
EJLADK'L<GKL?HL<GE@ 5>LBJLCIHLDGEH?4LJBL?IFL=+CLK>LDJL8
ADGKBL*L"GKL=+CL8"KLDJLCIL?HLI J:LFIL?HL8<JL:HLJGKE
*,L+BL8E0LADJL?4JLCK3L$ EKL6JL-JLF@;LDHGL;ILFIHLFIH
EKL=J!L?EJLFJL-KBLFHL7JLE D@?4LEKLBK!1LEK)LBJ =J!L8
?K,((LG3L><JLGKLFJLAI0L9HLB@LFIHLE,8=IL:JL;HLDGJLC@;LJBL8
?IFL=IH;L "GKL=+CL8"KLDJLCIL?H3L @;L?EKLAH;1L CHLB6>7
GJELAEHLGEJLFH9LC :ILADJL<KLBEIH ,((LG3L>?4CKL6/LKLB@
ILFILADG+CLCHGLA9IL#GJL7GKL;>1LC ?I/L7>LFKLAD0<LF@?4
,L:KDL<JLCIFLFJLC #J:LA?HL<JLCADK' .22 =;LK>LDJL8
ADGKB 9)AKL=H6/L #GE@L?E@LF/LJ<+LFIH!LCGHLK:ILEKL?9IL<GJL8
7GKL;>L%L9K=LC@LFIL=KLE>ADKL:H!L"L%L9HADL;3IF3LJ<IHL8
AEKL6J)'LCC@LBKLCKLFI>LK=LD+CLC@L=JLFKCL?E@?4LBJ>ADKL8
C@LJK>LDJLADGKLBK?4L<6KDLF@?4L%LAI0L7KL9/L?K2L;IHLAI0L?@
JB9H9LCH9L)?IKLC-@L?IHL%LJGKEL<GEHLC:HL=6J)'L<GJL?HLB>G
:JL=KL:ILEKL?@9LF@?4 9
%#% %$#%%"%$% #IK:LDILBDGKALFH>IB
FG3L?J8LF &LG9LHLGE@L:LEH;L($'LJ 7GE<JK8
CK>IL>GEHALCJL;3F/L #GEH9LGE@L;@LIEKL?EFIHL;@LGHLK:ILEJL8
CK'L<GJL7GK;L5>LBJLC@LK>LDJLADGKB3L$ DH9LBEIHLBEILFIH
<GEHEL:KLDKL<GKLCIHLFI?LFIHLEGJL5IJLFJ 9L"JHLEGIL2JILCI
JEK:EL;K9
!KL>IGDL")+LE%55&LG9/L $J=GHLAIHLJ5L90LD@;L=JFL8
DGJL:/L"L,((8.222LBEIKL6KLFIKL ILFILADGKLGKFAL8
<JGLD>LI JLA<JLBKGL=IL JGLA=IH9LC EKL=GHLAIHL5>LBJLC@
IH=AL<:JLKDKL?9ILK>LDJLADGKBLCA@ALDHL;IHL=JFL?HLA@9LF@;LFIH
5@L6@LEKLBJLCKL:KL9/L?H3LJLD@L?E@L6JLDJLEC6KAEL?EKLFKBLEJL8
G>LFKB EKLBKLFIKL;ILGHLK:ILEJLCKLF@L;IL<GEHEL*7HFL?90
>LBJLC@LI=AL<:JLKDKL?9IL*>LDJLADGKB3L*7HFL?9KLGHLK:ILEJL8
CKL6KLACJL9HLEKLBKLFIKLEB>L-@L;ILDG>BLFJL)?IKL;ILIJ<IHL8
AEKL:H1L ?JL JBLBKL:KL6JL DHGL;IFL <JBL90L?IKL 5>LBJLC@L
K>LDJLADGKBLCA@ALDHL;IHL=JFL?HLA@9LF@;LI<JL?I/L7KL6JLEKAJL8
5/L BJLBKDL=JLCHL =JAELD@3L $ GHLE>:LDKL?IHL C :KLDK?4
,((%.222LFIHL<JBL90LDJL5>LBJLC@LK>LDJLADGKBLCGKL;K?4
-KBLFH9LE?EDHLGH?4L=JFL?HLA9IL>BEIHL:JLF@?4L<GEHEL ILFIL8
ADGKLI LC,((LG3
$!%!#% %$#%!$% .GHL<JHGLHLBEH;L J=L=HG
($#'LF%55&LG9LFBFILJ<LJCLK:L7:LGKL?@6LC@<L>GEHL4
<3LFJHLCJ:LBH6L<ILF@<L2@8LCKDHL<KDLK:LDILBDGKAL2KGL4
AEJH6L>ILF?J-L7=JLF@/L 0LBEIHL;@LCA<IHLGK'LIFLCHLAD@L?9H
CIFLGKLADG>=LD>LGEH1LF<3LK>LDJLADGKLB@ 9LILF8KLCJHL J=L=HG
:BDKLCILFJ8L KGL;KL .IL=KL (CJKL .GKL?@'L BEHLH<
IAAG37LJ<ILBD3F9L.IL<@LB8H<L.IL=KL2@L8ILJLCKCLBIL4
FKLCJHL2:LAILF@LK:LDILBDGKALEHLB>GEHLAKL,@LFJLCJHD9
.KFL=K;1L3FL?EHLBC@L;ILK=JL?6KCDL J=L=HLGK1L2@8L7ILD3F
>IL>GEHLFJLCJHLD@LF EKL<JKCLEK :BDKLF*LI 2JIL>KL=JL4
FK?09LHALCK;LBJ*LCJHLAIL7KLAKL=J9L:LAILF?@LF@LBE=J
E;ILK=JL?6J&L<KGL?K%55LG9)DK;L,HL=KLEC@L J=L=HGLEIL4
BDK8LIB8KL2JILC@LF $H6L<JHL>GEHEL2HLDILCILFHLAGIL7J9
K J=L=HLGKL EA-L,ILCIL 6HBEL?EHL F>GILFKLAEJL DEF9
I>8KLD*L>KL=JLFILF-1L?E@L=JLCILF@L>ILAKLDH;1L;D3LG@LEIL4
BDK8LAIL=JL?EILC@LAI?HLC@L=JLDGKL;K,LAHL7ILGILAEKL6:L>KL=JL4
FK/L2HCLE@LC@1LI=HL6:LCKL>*LAILFHL7ILJK:LDIL7KLE:9L#IL4
?0ILA@LE CILFHL7IL>ILAKDL;:L<JKL8@L2@L;JHLGILFKLCH
AI +GKL6ILFHL7IL:CLA:LBE:L#GIL7ILFHL7ILCK BJLCKCL4
BILFKLCJHLJCLFHLBD@L?6JLAGIL7ILF@?01LFD@<LK:LDILBDGKA9
2ILFJ-LE:L6HLICKLAIAEJLBJK69
!KL>IGDL")+LE%55LG9/L $A=JFLDGJL:JLCKLF@;LJ=GHL8
AIH1L?E@L:IL%L.2228.22L =C3L%LJBLBKLFJLBJ >-@DL8
=> , =;LK>LDJLADGKB3LKL;IKADL5>LBJLCK'LBGJL7ILA<JL8
GE/LBEKLFJLFJLCHL<GJL7GKL;@L5>LBJLC@1LJ?4KLGK=LDHLGEHL-@L8
?EHLFIJLC@;1LFIHL<JLCI/LEKLFHLE5@DLFIJLE;J-L:ILCJL)?IKL;I
CD@;LEKL=GHLAIH3LHL-HL:IL<JLCADKL6@L9HBLFK=LJBL?IFL=ILK>LDJL8
ADGKBL%LDJLEK<IHLFI/LBEHL<>L5:I?ELFHL%LFIHLEK)LCA@ALDHL;IH
=JFL?HLA@9LF@;1L9K=LEKL=6KLBKLFJ3LGJBL=ILILFKFLAJLCHLE7GJL8
;KLBEJLFHLFK 5>LBJLC0LFIHLEJLADKL6@LC@L=JLGE@LADKLFHLKFI
ECI0=LAEJLFH3LKLDJL;IKADL)GJBL=IL>G>L?4JL;IJLFH1LC@LBKLFH
EJLADKL6@LC B>L-H9L;IHLGEHLFIHL?HL:JLCJLI FIHL7JLA<JLBKGLFIH3
$:KLDK?4LJ5L90LD@?4L=JFLDGJL:/LFIHLBJL=JLFK6LAI0LEKL<JLCIKL8
BKLF@L<JLAD0<LC5>LBJLCIHLK>LDJLADGKB 9L
#!%"% %%%$% KLGH;LH=L;KL($#'LH>IB
>GIL7GKL<ILFHLF@L78KLBEK8LF$H6L<JHLAFKLGKLE@LLF<KL4
6:LJ F ?EHGFL?: %55LG9L K:LDILBDGKLAK?0LCJHLFB>IL4
<CJK89LHLCHLGK=LCJHLEK H=L;JLDHL<KDLEILBDK8LIAL>:BEL4
?EILC@9L+DIL>KL<J*LDKLCKLEFJLB;ILH=L;ILFHL7IL<JLCJL4
BDGKLJCLGKLBDG:;LD:LG@L>KFLB;JLBJ*LCKLE@LFK89LA@LEIL4
BDK8L<JLCJLBDGH<1L>ILFJHLAEJK8/L HELC/DL<IHLFIKLA/LBCK
J5LAEKLG@L5KGLBEJLCK-LFHL%LDJLA/L=JL:HL9HLIK>LDJLADGKLB@ 9L"J;D
CJHLF-DL>J8
!KL>IGDL")+LE %55LG9/L K9LC@-LAEKLE5KL"JFL8
DGJL:IL%CC@LFIL=>L=JFLDGJL:I1L=D+LGKLJ5L90L6KLJ=GHALJB<JL6JL8
C@ .22LG3LBJ ;KGL?K .22LG3LFHL7KLD@CLFIHLJ?HLFIK
<JB CE7:0LBH;LGEHLDH:LFJL)?I1L7JLA<JLBKGLFJL)?I1L?HL:JLCJL)?I
JGKEL:HL7K:LFJL)?ILEKL5HEL<IHL?EHLFIHLIFLDHLGHLA+CL&=KGL5>L#K!L8
ADCKLCBEIKL6KLFIK?4LBJL<GJLCKLBEKL9/L?@?4LBJ<JBL<ILAKLFIK
<GEHEL ILFILADGKLC6KL)?ILCHL7JLBJA<GKCLDGKFAL<JGLD>LJGKE
HLFHLGK:LFHL7JL@LGH=LDJLGKL"I*LKFH=LA>LFGLIEKL6/?EL8
FIL=KLFGLBJKFH=LA>LFGLBJ>;+CLFK5>LBJLC0LIH=AL8
<:JLKDKL?90LK>LDJLADGKBL*.LI*LEHLA<+6L=KL;IL*>LDJLADGKLBK
$IH:L=JL<J:LA=K &3*3L*$L&3*3LI &DKL:HL<JGDL*>LDJL8
ADGKLBKL KL6JL<J:LA=K&3*3L&* L&3*3 9
"%%$% %$#%%"% +KLEJL<JHGEL KGL?JCL4
;JHLFJ?EL(.J$'LF %55LG9LI;GE@;LCJ*LD@LEILBDK8L<JL4
BDGEH<L.!/LIBJ-L7C-8LCK6LF@,LBE@LF0JLBDILGJJ)))!.
>ILEJI<LB>IL8H?ELCHL7IL>IL>KGL?JKLL5L>GI?9L#HL;=KL4
GILFK8L>GE@LB>JHLBEHLCJHL(BJ?'L2:LAILF@LAG37LH;BL>GHL4
BILF@?0LJK:LDILBDGKA9L;G3DL?HLEKLBD-L>J8L7ILKLGILB8KF
+KL?E@LB;JL(.J$'/L IHL;JL-HL5@'LDK=1L-HL5@LC9KEB
BJFKLAEHL7JL=GKL9>LJEFKL?EK6LC9KEBLBJIFLFH9LADGHL@L?@L8
CIL:ILEKL?@9LFH9 9L JLCJLBDHGLDGKCBL>IGLD:L+KL?E@LB;JHL7I
HLGE@L.IL=KL?EH;LAHL;=KLGILFK8/L J.2,LGJL=>LE5>LB>L8
9HL;@,.22=;LK>LDJLADGKBLI,22=;LBG+7LAE@5L=IHL7JLG>L8
?4> 9L+KL?E@LB;JL:E:L>H8LCJK8/L J.2.2LGJL=>L#J:L8
A=KL50LBEIHL;IH'LAIH'LK>LDJLADGKBL<JLG+CLF@LCK:LF/LE=GKL8
9KL;ILEKL?4JBLFIL;I 9
!KL>IGDL")+LE%55LG9/L $J?HLFIHL"L<GE@=JFL8
D@LF>LK?9ILJ5H?LFHL7JLDG@L5>LBEIKL6KLFIKLI >DGE@L;@LCKLFIK
BJLD@?4L?EKLAJLCH9L ADG>=LD>LG@L IFLAD@LD>L?9JLFK:LFH9L L8
"I*1LC@L=JLFKLFIHL<GE@L90LDHL7JL<GEHELE/BL#GJL7GKL;>
5>LBJLC@L BG+7L =GKL9JLC@?4L I K>LDJLADGKBL FK :KLDK
.22%.2,.L;JL-HLJ=KLEK'LAI0LFIHLGHLK:LFH 9)AKL=H6/L KL8
BKLFIKL 5>LBJCLFI?LDCKL BGJL7JLCHL7J1L CA=>LDH=L A6KL5HL7J
FKBLEJLG>L;ILFILADGKLC6KL)?ILCHL7JLBA3LDGKFAL<JGLD>LIFIHL<GKL8
CILB6JLCJL)?ILC<GE@L7JLDJLCKLFI>LIFLCHLAD@L?9I1LGHLK:ILEJLCKL8
FHL5@L6@LE IADJDLF@L;ILJ<+LFIHLFIKL;I3L$ =JFLAHL=CHFL?9I
FIHLC@L=JLGE@LAD@LCKLFJLC?KL6JL)?IL)GJBL=+CLILFKFLAJLC@?4
<JL?4JLBE/L?@?4LE 5>LB-HLD>L<K!LADCK1L"GKL9JLCHL7JL>FL8
B>LAE>LGJL7JLCHL7JLJGKEL)GJBL=+CL 9
% %$#%"%#%"% "K6LFJ*L?H6L<JH6LB?KLK:L4
DILBDGKLAI<L>ILFJ*L?J8LF %55LG9L#ILCK=AL:B;1LCI
K=HL6HL7ILH>IBLDGFKL8IL7ILAEJLC@/L #JL6/L?E@L;@LAIHL?I/
AE@5L=I?4LBG+7L;IKLADK1LC=D+LG@?4LJBL5@LCK'LAI0L50LB/L;HL8
?EHL>LGJ.2,.LIHL;J-LFKB6>L-H9LK=L?H<LDJLCK'LDKL=IHL7J
ADKLF>LGEHL?E@1LC=D+LG@;LE$GJL?6KLCIKLFIHL<JLG+CLF@LCK:LFIH
AE@5L?IH9LI 6KLDCIH9L;J-LFK BJL9HL?4K'LBJ #GKL7ILI GHLEFK1
KE#JLEFKLFIKLJCIHL:HL6KLDCIH9LBJHGL:ILFKFI-LBJ$KGLAEKL8
C@L&@ALDH;L<KGDLFHGLADCKL<>L5:I?ELFJL8<G@LCKDLFHL7JL;JL-H
5@'LG+CLFJL<GKCLF@;LG+LB6H;LILFKFLAJLCKLFIKLIFLCHLAD@L?9I
IFLGKLADG>=LD>LGK:LF@?4 9
!KL>IGDL")+LE%5&5LG9/L "JFLDGJL:KL"LC@L=KLEKL8
6K1L-HLBGJL7ILH=AL<GHLAJLCHL&1L&1L&1L&1L&,LI&,(1
CK-LFHLB:KLJ5LA6>L7ILL.2,.1LFIHLEJLADKLF/LC<H6L8
FILC@L5>LBJLCKLFHL<GEHB ?EHGCL?H; .2,.LI FIHL50LB/
7CKLGKFLDJLCKL6@L?I/L76JL)?ILG>L?4>LFK ?KL6@?4LB6>L7JL8
)?IK?43L$ <GE@L<KBL=>LK>LDJLADGKBL*,1L*.LI *LIADL8
FIHL9HL EKL7GJL-HLFIHL FIHLJBLBKLFIKL BJ >-@DL=>L <GEHB
L.2,.LE>CKL7ILFK<:KLFJLCKLFHLDHGL;ILF@LEKL=J!L8
?EHLFIKLB>L-H9L?E0L)?ILEFI?4LC.2,.LG3L*>LDJLADGKLBKL*,
FKJBL?IFL=>1=;LJB;3LE/LAKLCKLBJ;3L#@LGEJL8
CIL?HL EJLADKLFIHL EKL=J!L?EJLFK <J ?EHGCL?> .2,.L G31L
?JLFIHL50LBEIHL7CKLGKFLDJLCKL6JL?I/L76JL)?ILG>L?4>LFK?KL6H9
K>LDJLADGKLBEIH 9
3LFJLBJ*LF DHL=HLFJLE6JLK=L2IL>JLBEHLF 7KLEHLDK?01L
,HLDHLGKEL6:,LG:LBE@L8I9LHLAIK:LDILBDGKLA@L6HLAHCL;GI;1
,HLK:LDILBDGKLAKL6:,LBJ*LE2=JL,KL"JHLFJHGEL?JHLF DI9
KLAHCLE>GHL<JHLG3FLLKB-LFG3ALCJ?0LJ>IBDL;IL4
<:L?0@1LJ BIL?6K=LAHL<IL;GKL?J1LJ ?0KLAHL?@1LJ =JL2HLGKL8IL4
FJHL(K+KL?E@LB;JLDIL<JK8LCKLFHDL.IL=K?EL;KLE>:B
#HJ'LLDHL7ILCJHL>GEHL<3789LHBDL?E@<L6HL?0K1LCJH
<KL>I?E@<LKCJLDH,L>I?ILCKI7389
/)$&'$*/+$$,$%(/.$.-
0/(1!833+47-8/1)8'367'15&'*%
289.+9*4279)829-(92 5-93792 *4279*69.89&694(91!(
-459 59079 59 &69-2+9 38)906/9.2+9&69 &689.,89&6
0 5%9.179*42+9289597936("979-459 89)7.,9189/59#
0691679*(9.,896 3619*427- 389&693679)79-267
#!$#$ #$#$$!" $ $"
#$ #$#$$ #$$!" $ $"
$ #$$#$$!" $ $"
$#$#$!$$!" $$
#$!$#$ #$#$$!" $ $"
#$ #$#$ $$$!" $ $"
-8937938 *5-9.,8906790./89289
7937948%938 +947/91)894 9489)590+1!96 (9,59#
.,48-90 ,7)91!069%69289/89-89-59179%590790+9$(9-59#
089367 9,+.'9/&98(9,59.,48-'9269(3/91)593(9#
) /&'9(9-59089359)7 9%8,'9459 69/489)5907
67/.9*479.59079,59,+.'9/&'99089,8%93+&9.,89#
3679 /59%7963+"9 3679$729*67129379 ./42+959089368"
$48/9*59$5912+"9*4279)829-+9*427291739,489&67)9#
.15905916"9$48/95$905-9361"9$48/97/4893098/(9#
.,+1293+1!"9$48/9*427)9-%89*679.2+1!'9%839,5
*4279$(9-590895/' /&'9,59*6794798%692891)6
0+9359.6 9*451'
CJHLEGILE:L<JKL8@?0L >ILFILA3FL ;IL=H6LCHL
354318113.012.png
 
)NPKNPHGMIP%FNOGPCLFPHCNP@>P8=NEJPKNMPL8NMPEO<;P9M
1*1535 .325/4#5&325*35*'+45-5,4503*"45-45(5-3*)325
1 5P0J<LPF2FPEJOHPL GL;P9MPH7BPF .NLGIPCLPFNMP#ID:
8>PKO=PHCNAP H@IOPF>?7PEDP KOBPJ2IP KOB LHOPBJLPKDA
F OIMHJPENMP@LB JOPIJ>GMAP6FO<G>PN AL=MPHGLPFOPKNO
"D9PFN+PHCNAPKNMPE4ENO<P6LPFDP@>P1EN/PKO =MPEJMPKNM;
9MP8DPKNMP@IJMPB<>P9O/P@ILPEMPH>P=NPBMPI2FP0OPALPL8IL:
KD5P* M,MCPENMP"D9PFN+PHCNPF OIMHJPENMPBLPHGO<P@OPIO:
=NP9>;PO JANOPKDPKLPFLGFLPILPFMPILJPFNPK3<DPHN3PKOB:
JFDPEJO?PKNM5PHNOB<PKO F2PJMCPNKPFO=NBJPCN;PJ CG2PIM:
6LP?>9PKNMPFHGO<5PNMPGD=PCLPKOA;P8LPGOCP9MPNKPKDA
AMPBNLA;PFDPBO<LPHN3PGLPF BMPALPCIOGDEJPKDAP@O+:
HGFNMP6I>P8DAP@IJMP6N3PENMA5
#DAPEJOPHMAP @L @>P8=NEJPKM?P BMPC=OPIOPE?NP FD?O:
1KNMPKNOP H@IOPFDP ANPKNPHGMIP JOPAN=C<P N KNMP LBP@L:
FNMPBJNO<PKOPFMGPKO =NHGP9LPKDP"D9PFN+PHCNMP6LPJ '
AO?OPE4E7PEM?PFNMPBJNM/;PELPHN3P>BO<LPANPKNPHGILPFN
>HGO=N/P F H@IOPFNMP KNMPCLKPFMKPE?LPKO=PKDE4P AM:
GLBP =MPEJMPKNOP "D9PFN+PHCNMP6LP F OIMHJPENM5P -O GL
KOAPANPKNPHGMIP%IJDHJGL,P%FNOGPCLFPHCNPKO GLPHO:
ALP@DGOPKNMPLBP@LPFNMPBJNO<P8<DPHCOPFNEJPKNMPN ?OC
JMP HJCL=PKM?P <OFPCN P 3503*,2+5 '+45-325%!35-15 .3
+/(*/,15 -34,5)1-*)35 04,(.5&34*,5 '1 45035
'$5!35)4.#35 /455%4"5 1% "$5(5 35/320502#5 %15)$5
&20,4.#35 %1,(./.2#5 '+/25325 $5 1'325)35 &25%(./502#
,4503*"45-45 (5-3*)325 15 - 4+2*/.325 !2%./(&
2%501./25 0325 25'4+,45&20,5 5%-5 15-*/2.5
0(.5 5 04 '1!2.250325 3503*,+45 5 '+/25404!35/15-4"
)-2*,325 ,(&./4*15-25 15 4+2*/,15-450345 ,4503*"45-4
(5-3*)325 15 4 ,4)525 #25 15 !2./250345 22).32
'+/25'+15-45%/1502#5404!35/(5-*'15&034502#5%15)$5&205
,4.#353503*,2+5'+45-325%!35-15 .35'1%#"5&305%2.(5
/#51 '1%#.3$5'+4.504% +25 1+5&5-35/320502#5*"$5(
/%+15-3452.(5/#53503*,+4504 -35/3205051'325)
&25%(./505 /1*,4"(5 ,4)525 '+/25)45/45025 %15%4,5)15-2
+1%5)3535040*15-2 5
JNO<OPKNOP ANPKNPHGIOP J8NMP6<DP HN3P J >JOPHOBPKNM:
KNMAP FDPILPC>P 07PB>P CI3P6LPFMP6LP F .NLGIPCLPFNM
#IDP8>PKO=PHCNAPF H@IOPFNMPH<DKPKM?PHMCH:O,MPID5P$O:
CNA1PE>PBMAPEO<OPMKMIP6NOPANPKNPHGIOP@LPHJ<OPF J>:
@M<PKNMPNKPK7PHGILPK35PO !''PHGILPKOE4PH3PBJNOP)O6:
BO=MPKO -OP@O<O:LPFOCPKOP@NPHO<OPA5NK5;P9MPFMPB<>6
JOPHOBPH<>HJPKLP1ENPKO=NPEJLPKMPJLPHGO<DPCLHJGDP@ILPEM:
H>PLHCOIP9LPKMP6LP0GOPKNPH<OPFOP"D9PFN+PHCNMP6L;P6BD9
F ?MP6LP @IJDP@OBPC>P /4*/"45 )15032./5015 1'"45.25034
!3./50(.5)105-1#-5/ ,(&5./4*15-25 154+2*/,$51+5 45035
/15-450345,+40*5'1+,$5&25%(./5025 153 1'325)35!25)4+*)32# 5
=OGMP6LPF<OP1KNMP"D9PFN+PHCNMP6LPL8PEN7P9LPKLPCLHJ:
GOPANPF CFLPENMP!' !!;! J<5PJKOPEJOPGL;P9MPF<O:
1KNMP GD=MP AOP JOP@<OPEN/P "D9PFN+PHCNP JO FD?7GPCLPF7
L@NMPC3P=MPCOIPHC7PF OIMHJPENM;PF FDPKNPC>PCG2PIM?P?M:
BJNPGMPIOJPKO F2JPC>5P&=MP@IJMPENM9P?OPCLPL8DPFOGM=M;
CG2PIJDPF CO9PBM?PE4FN=NPALP67PFD=7PBLPFO/PF OIMHJ:
ENMPN JOPE4LPILPFO/P?OCP"D9PFN+PHCN;PA>PHNPADP8IO/PHM:
INLP BMPC=OPIOPE?MP ANPKNPHGIOP H@IOPFNMPB=NPFLP1EN5P M
@L "D9PFN+PHCNAPGIOKHP@LIGPAMPBDEJPKD;PHJ@NGO=M;P=M:
COPIJMP83PB7PF OIMHJGOE4PBJNO<O/PKOPFMGP=MP@NM?PKN9
GMP8MJPCIOG5 9MP83PB7PJO BOIPAL;PE4LPENO9PFDPHLPCN
H7BPGFNMIPBJNPNKOPEJM?5
.LPJLPHGO?MP@DGOPKNM;PCGLPJ CLP6LPHN3PKOP8N?O PANPKNPHGMI
J KOHPEJDPH7BPJ ANPKNPHGIO5P& GLPFEO=MPKNMP?MHGP1ANMHJPKM5P
.IJMPEN3GPKMPA>P@LPBOGPKNPCLPFNP@DGOPKM:
A>P L HMPKOGLPIOP @IJDPE4LPBJNP BL 6<LPFD
F @NMIFPHJM?PCL=M?PKLP1EN;P9MP?MHGPGLP@IL:
B>PEMKGP HJO,P FK3PCLPFDE4P N FDGF2IPEO
BIJFNP @IJMPH>FPKDE4P 0MPKOGLI5P O:
HG3@PKNMP @IJMB LEJDPAOP HGO?7P A>P CNM@:
HCNMP 4LGM=M;P CG2PIMP OKMCG>?7EP KOPJF3
0MPKOGLI;P E4E7P JDPHCO/P KO IOKPBJM
N MCHPC=>PJDFPKLP1EN5PNIPAOP@M=P@ILPB>:
CLPFO<OPLKP6N1PHOPALPE42BPL GM?PKOPJFNM;
>=>P8NLPKDP@IJMJP8OPBD=OPIJDPN ENKCPENOPIJD5
* LHGOGPKNAP @IJMP8<DPHC>P 1FNOPBLPALP1EN
BLPENMPIOP BL L8DPFOGM=O;P 9MP HMPKOGLPIMA
?MHGP @IJMPENM9P GM9P @IJMBPHGOPFNPENM=P GJF5
FD9PHJM?P NJ8DP @OI=OPAMKG>P P 0MPKOG>5
O EJDAP @L=MP6OP ?MBPKOCP GOP FD9PHJL1/P
HMPKOGLPIOPKOB @LPH<MAPPGMP6LP?>9PFDPCO:
JO/PKNCG;P@LPJO JKOFPEOPANP4NPHGLPIDEJPKM:
6LP@IOPFOPCLKPHGDG>PED?PKMP6L;PKNMPJBL<O5
* L8MEPKM?PHDG>POE?NP?MHGPGLPIOPEJM?P@LPJ2I
FD9PHJM?P@LPFOP6NPFDPKNPC<M?PJ ,OCG>;P9MPHM:
KOGLIPA>PHNPANM/PFN3PEM?PKN9 !'P=OG5
- @LPFLPB>PHFL?M?PN=>PJLPIDEJPKM?PALPED
HMPKOGLPILPFNMP AO?7P @IJDPFN=M?P @IOPELPFO:
KNOPJ BO=OPLB JONKGMPIMPHLPFOPKNOPAMPBN2F5
JNMKPKNPCOPIJMP H<>HJPKNMP >JKO?7;P 9MP NE4
JOPHOBPKNPEJMP JO?3PENOP KNMPFNM=MP FKLPHJ7
BL @IJDPHJ<LP1ENP @IOFPKM?P @O+PHGFO5P N
K>BPKNP=>PBJNMPLCOPJ>?7PHN3P?MBPKOCPKOB:
JFDPEJO?P NKGMPIMPH>?7PED;P ?MP1=NP BLPC<OBPKNM
HN3P @IJD?PIJDPADP NE4P @LPEJDPKOPKNLA
F EJOPHNM;P6BDPKNMPH7PJO?3PENPHMPKOGLIPHCN:
ANP L8LPFN7JPCOPAN;P O=P8LP JO?3PENP H7P H@IO:
FOPANPAO?7PEDPANPJ KNPANPKNPC<DPJFN7PJMC5
* LHGOGPKNE4P ANMPHN7PEOE4P L@NPKNOP @>:
8=NEJPKO BLPFNMPBJNO<OPHN3;P9M
P&KPBIJM?PJMPKNPEJOC;P8D<DPHMPKOGLI;
JAOI<P F FN3PJNMPKN>P F 4L?PKNPEOE45
!:=MGPKNPA39PEJDPJKOP@IJMJPLHGOGPKNM P=OG
>CIDPFO<P HN3P @IJMB @L=NPE?7P N H7PBOPAN5P
-LPHGO<P HCOPJOPKDP KO P =OGP FN3PJNMPKNO
JO LHJ>PHGFOP CIMPBDGLPFM5P * FN3PJNMPKN>
LEJMPCNPFO<P KO @LPHGOPFNMPKNMP JOPIJ>G2F
F CL=M?PKM?PH@IOPFNMPL FD<>PBJMPKNMPCIM:
BDG2FPN LHJ>PHGFOP=NP@NME ''PI55
P 0MPKOGLIP .N0P %OPJNPANMIJP $OPFLIPHCN
GFNMIPBJN;P9MP@ILPC>PIOG>PIO;PHGOPFNO?7EP@IL:
8LHJPEJLPFNP IL@PEJDEPCNM?P @OPIO,NNP JOPIJ>G
AL=MPHGLPFOPKNOP HMCPH>PO=PKMP6LP KNM=MGPKNE4
BJNMFPEJDPKMC;P J CG2PIDE4P ?MBPK7P CH5P L:
AOKPA26<PBLP@ILPFOPBJN/PBL L8PELPFOPKNO
@<ENLPFMP6L;P -4!5./(5/ 15 .31"2& N @IJDPEJD:
KNOPHN3PBL -/$5%/450345&25%34!50(.5)4&5
'4503350325.5.35%1 )*35(515 .31"453 )4,1!35
)- 5P $MHGP GLP L GD=MP KNMPJILPJ>PANO<M;P 9M
CHN7BJP@IJDPJKO<PHN3PBL AL=MPHGLPFOPKNO5
0MPKOGLIP%IJDHJGL,P.NMPHNMPFNEJPJ .
P @IJMP8NMPIO<P HN3P F BOAPHCNMP CFNMPENPHGM
H>PCNMKPCN;P AO=LPFO<P >HGOP HJANKPC7;
FEN7P6O<P ONLPAOPINKP JOPANOHGP CLPCONKD
N JOP@<OPEN<P@2<PAN=NLPKO J<LGDE4PHJOKGO:
9DPHGLA;P O8DP KNMP >@>P8=NEJPKNO=NP ?MP6L
BJNMPENPKOPBD5
P0MPKOGLIP#OPBMP>HJP0CLPI>P@OPJ .N0P8OI:
BJLP=MPKOGLPANOHGPJOPIOP8NOPP>@LPHOP9MPKNM
HMPKOGLPIO J<PANMPHN3EJPKNM; ''' J<
ANMPHN3EJPKNMPKO @ILPFOPBJMPKNMP8N>PIOP@L:
HM=PHCNMP6LPLIOJPILEJPKO BNMGOPF FDPHLPCL:
1EN ! J<5P)L9PKO 8D<LPL GDAP@IJMPEJD:
GO/PF #DP6LPBKNPC>P.LBP4O=O+PHCNA;PCG2:
IMPA>PHMPKOGLIP0CLPI>P@OPHCOIP9DPHN3 P 32
5%5&34"504 )4&5'45035-(51+5./5'325035
%/(515/ ,(.5.15%1*,4#5/ 2504,$5,15#2*,
)$+5-45'*325'325035%/254 '4!35-15%!45&032
3 04 4+503,$+2)54 $+450325)$+5-4 5,(*35
.(54 ,2+4/5,15045-2,5/45./!35&35'"45.35'1
53 '"5,+4*/5025'325035%/25 /4 ,+/(5+15)3
,154$,15/4#25%/3*/515#2*,5$+5 4#5.25%!4
'4+!45&20,4+/(*,(545)325&1#25/%450325#2*,
#45)35)$+5-45'15)#5&45&(5 #45)3.5-45
+$05)4.5,+/2545&32*/5)4515)$+5-452/5
%1&5035- 32&5.4.5&4#5!2'*/25-4+$05)3 5
P 0MPKOGLIP #LPAOHJP )NPHNOCP J .P KNM
?MHGP FNPKNMKP GMPA>;P 9MP @IOPELPFO<P KOB
>HGOPF7PHGLEJPKNLPF7;PF IMPJ>=GOPENMPCG2PIM?
CLKGIOCGP BLPHGO<OP ?MP6LP ,NIPAO5P NMP ?MHG
I2FPKNM9PKNPEJDAPHJEJMP62=PKDA;P9MP?MP6L
KOPIJMPEJLPKO @L?MPE4O<OP KO CIJDPFDP ID?
HOPAL=LGMAPIJ7PBLPFDAPBL &IOP8NNP0O>:
BD?PHCNM?P N @LPCOPJDPFO<OP A>PJ><PAOPKLA
EDEPCN;PJO ELPFDP@ILPHJLPKLP?7PJ L,NPE?O=PKM?
CL=OPE?N5
P0MPKOGLIP.N0PLIP8MIGP%IO?PEJDPKOGL:
ANOHGP JOPHGIOPHJO<P HGIO9PKNPC2FP ANM?PHCNE4
F DPHNMP@L GDA;P?OCPJFI2PEN=NP>FOP63P?MP6L
9LPKNM;P9MP@NMHP@LPFNPKNMKPKLPHN/PCOP6OPKNME5
$OCPFNPBO/PHMPKOGLPILPFNMP9D?7P9DPENMA
KNM<OGFDA;P ?MBPKOPCLPFL9P GMP NKPEDPBMKGD
KNMP@LPFNKPKDP@IJMPH<OPKNO/P8>PB>?7PEM?POC:
GDFPKLP1ENPEO<M? '':LHLP8LPFM?PHMPKOEPCNM?
H@L<MEJPKLP1EN5P
->P@M<PKNMP @IJDP@OBPCLPFLP 8<7PBJ7E
F CHN3P6OIPKNPN @LPHJ>PC>?7EP@LPJDPE?NPL ?O:
CNE41P KLPFDE4P LHN7P6KN3PENOE4P EJ<LPFNM:
EJM+PHGFOP F H,MPIJMP <OP6LPBJMPKNOP KNMPBL=N
=>PBJNP8NMBPKDE4;PKNMPHJEJ3P1=NPFDE4PN H@L:
KNMPFNMPIOPKDE4P @IJMJP 9DPENM;P CG2PIMP JO:
JFDPEJO?PJKO?PBLPFO<MAPF HMCPE?NP@L=NGD:
COP N H@L<MPEJM+PHGFL;P KOGCK7<MAP HN3
KO )DP1=NFPHC7P CHN79PC3P C>PE4OIPHC75
#I>BPKLP ANP 8D<LP @L?7/;P B=OPEJMP6LP @IO:
ELFPKNPEDP CHN3P6OIPKNP >ANMP1EN=NP CHN79PC3
C>PE4OIPHC7P AN3PBJDP *H@2<PEJMPHKDPAN
CLK,=NCGOPANP J8IL?PKDPANP O .OGL=LP6N7
H@L<MEJPK7PL8LCPOP8NPIDKG>P.>GNPKO;
BLP@2PCNP?M?P>FO9PKNMPKNMP@IJMPCOIGPCLPFO:
<MA5P - EJFOIGM?P HGILPKDP FDPKNPCO;P 9M
KOB G7P@LPJDPE?7PL C>E4PEMPKN>PAOP@OGIL:
KOGP .OI=OPAMKGOIPKDP -MPH@2<P BL H@IOF
MP1KNEGFOPE4ILPKDPILPBLPFNPHCOPN #IO:
BDPE?NP"LPFNMEPCNM?;PO O>GLPIMAPN OAOGL:
IMAPBJNPCNMP6LPAN3PHOPLIOJP@NMFPE7P6IJD:
8LPFM?P F HJMP1EN>P HAOPCOE4P ?MHGP @OKP
HMPKOGLIP&KPBIJM?P(IJD8P>ILPBJLPKDPKL:
AMKPLAMKPF ANM?PHELPFLP1ENP-<MP)N3PHL5
-OPKNAP JOPEJ7<MAP HN3P JAOP6O/P J G7
@IJM<LPALPF7P B=OP @LPH@L=NGDE4P 9L<7B:
C2FP@>P8=NPCOPE?7;PCG2PI7;PELPFDPKNPCOPJ BO:
GDP FDPBOFPKNPEJM?;P HMPKOGLIP (IJD8P CLA:
@LPKLPFO<P F @IJMPIFOE4P AN3PBJDP @LPHNM:
BJMPKNOPANP NJ8DP FD9PHJM?;P JOPBJFLPKN<MA
BL 8N>PIOP @IOPHLPFMP6LP 0MPKOG>;P O8DP HN3
BLPFNMPBJNM/;PCGLPN JOEJP2FP(IJD8PF 0M:
KOPENMP ?MHGP N @L ?OPCNMP6LP 6IJDP8OP @OI=O:
AMKGOIPKDP JMPH@2<P (IJDP8LPFM?P =NGMPIOG>:
IJMP@OGILPK>?M5
$OCP HN3P LCOPJO<L;P HMPKOGLIP (IJD8P ?MHG
IOPEJM?P?OCPC=>PHCNPP=MPKNPFD5P)KNM?PFN3PEM?
IOJP F ANMPHN7PE>P HC<OPBOP L1FNOBPEJMPKNO
>GI>BPKNO?7PEMP9DPENMPI29PKDAPANPKNPHGILA5
L ANPKNPHGIOP1ILPBLPFNPHCOPKOP@NPHO<PL CL:
KNMEJPKLP1ENP @IJMPCOPJOPKNOP 6ANPKLAP F<O:
BJDP KOB 1ANMPENOPANP CLPA>PKO=PKDPAN5P
)NPKNPHGILPFNP JBILPFNOP FDGCK7<;P 9MP @IO:
ELFPKNPEDPLE4ILPKDPMP6NLPKO=PKMP6LP1ILB:
COP .HDPE4NOGINNP 07PBLPFM?P F 0GOIP6OIPBJNM
(BO+PHCNAPJOGI>BPKNMPKNPH7P?OPCLP@MIPHLPKM=
@LPALEPKNPEJD;P O @LPFNKPKNP ?OPCLP JOPHOBPKN:
EJD;P 6BD9P AO?7P @MIPAOPKMKGPKDP N HGO<D
CLKGOCGP J @OPE?MKGOPAN5P L ANPKNPHGIO
L8ILPKDP KOP@NPHO<;P 9MP #EJMFPHCNP OGO=NLK
0OP@MPI2FPKNMP@LPFNPKNMKP8D/PJ=NPCFNPBLPFO:
KD;P6BD9P 04!25(5'45&3,4525'1 -1#5032
-34,15-2#5- 1)1!35.4.5+#5&34*,4504 15
.325-3$51+4/5- +45035.4.5%1+/25./453*"(
'15/1*,4"45 1 +1&504 !3./545 0325-(5'4"-
3 0325-(5$5.-5$)+(,(.5 "515)15- /325&3
- $*$5-4503$5),+(.54,4!3105&34"51 +1&5
025/4*"$5 3 5P)NPKNPHGIOPNK,IOPHGI>CG>PIDPL8:
HJGLIPELPFO<P JO GL;P 9MP BJNMPENLAP FL=PKL
?MPBJN/PKO ALGLPIDKPCOE4P8MJP@IOPFOP?OJ:
BDPKO EN7P6KNPCNPHNLPB<LPFM5
* 8N>PIJMP@IOPHLPFDAPFD?OP1KNLPKLPAN
I2FPKNM9;P9MP@OGILPKOGP0MPKOG>;PO F JOPHO:
BJNMP JMPH@L<>P @OI=OPAMKGOIPKMP6L;P LJKO:
EJO;P 9MP HMPKOGLPILPFNMP HN3P J =NGMPIOG>PI7
(IJDP8OPJOP@LPJKO=NPN E4E7EPFDPIOPJN/PB=O
KNM?P>JKOPKNM;PH@NMPBMPHGO=NPJLPFO=NP?7PHFL:
NAP@OGILPKOGMA5
-OPHNOPB<MAP FN3EP BL =MCG>PID;P @LBP8>:
BLPFOPKDP IMPEMKPJ?7P KO L8PFL=>PENMP KNM?O:
CNM?P $>PHGDPKDP )O<>P6N;P 9MP CHN79PCOP C>:
E4OIPHCOPKNMPA>PHNP8D/PK>BPKDAPJ8NLPIMA
NKPHGI>CPE?NP B=OP C>PE4OPIJD5P -LP8OPEJDPAD5
- CHN79PCNPBLPFNOPB>?MPADPHN3;P9MPHMPKOGLI;
?OC 'P@ILPEMKGP.L=OPC2F;PENMIP@NPKO E4L:
ILP8DP>J3P8NMPKNO5PO=M?PAL9PKO FDPFNM1/;
9MP@IJDPEJDPK7PGMP6LP,OGO=PKMP6LPHGOPK>PHMPKO:
GLIPHCNM?P ?OPADP >HGPKM?P ALP9MP 8D/P AN3PHL
BJNPCNE4PJFNMPIJ7G5P)N3PHLPBJNPCNMP?MHGP8L:
FNMAPGFOIPBMPN <DPCLPFOGM5P(BD9PJFNMPIJ3:
GOPB>P9LP8NMP6O?7P@L 1FNMP9DAP@LPFNMGIJ>5
07P@IJMJPGLPBLP8IJMPBLG=MPKNLPKM;P>CIFNL:
KM;P O NE4P AN3P1KNMP GFOIPBM5P - GMP6L
>CIFNMPKNOP AN3PHLP >@L=LPFOPKMP ?MHGP GM9
8OIPBJLPEJMIPFLPKM5P0MPKOGLIP>?OFPKNOPGOC:
9M;P 9MP KO?PFO9PKNM?PHJDPANP FDPKO=OJPCOPAN
=>BJPCLP1EN;P @LPFL<>?7EP HN3P @IJD GDA
KO ,N=LPJL,OP &KOGL=OP IOKPEMO;P ?MHGP HG2<
N CIJMPH<LPBL HNMPBJMPKNOP@IJD GDAPHGL=M5P
%L=M?PKMPHGILPKDPH7PANCPHG>PI7PL@NPH2F
CLG=MG2FPJ BJNPCOPJ 6>=OPHJMAPJ ?M=MPKNO;
@NMPEJMPKNP J HOIPKDP J GOGOPIMAP J @HGI7P6O5
*N3CPHJL1/P @IJMP@NPH2FP KNMP ?MHGP LIDP6N:
KO=PKDAP FDGFLPIMAP HMPKOGLPIOP (IJDP8O;
O=MPJOP@LP9DPEJMPKNOPANPJ CHN7P9MCPC>PE4OI:
HCNE4PLIOJPFDPIOPJMAPBLP1FNOBPEJM+PC>:
E4MKPKDE4PNKPKDE4PHMPKOGLPI2F5P0MPKOGLI
0GOPKNPH<OFP (LIPEJDPEOP BLPBO<P BL CHN79PCN
(IJDP8OP @IJMP@NHP KO @NMPEJLPKMP 9MP8MIPCO
J A<LPBMP6LP BJNPCO5P 0MPKOGLIP ">PCOHJP
&8P6OPILPFNEJP P KO 8OPHG>IPA3P J ?M=MPKNO5
&8DP@LP8>PBJN/P@MPIDPHGO=GDPC3P?M=NG;PEJDGO:
?7EP L GM?P @LPFLPB>?7PEM?P KNMPHGIOFPKL1/
9DFPKLP1EN;PAN3PBJDP@IJMP@NPHMAPKO J>P@3
J EJLHKPC>P KNMBPFNMPBJNMP6LP O BJNPCNMA
J @NMPEOP E4=MP8LPFMP6L;P HMPKOGLIP =NGMPIOG
&KPBIJM?P (IJD8P F@=OGOP ,N=LPJL,NEJPKM
HMKGMKPE?MP @LPCIL?> P 5 "$'5.(5 ),+/(
/04#.5 "$5'1,5$&32#5/+./50325#2#5$(5
-4 5P&=P8L P "$'5.$50325&45%15&4,25
+34"$5 04 %15+1 5P FMKG>PO=PKNM P 15/$&
*"$5(5 04&5 0325)325%(5 %1 +153250345 &34"1
"$'*,- 5P)DP1=NP6LBPKMPHMPKOGLIPHCNM?P6<L:
FDPC>P@N/PHLP8NMPAL9PKO ?>9PJO ! J<5
* BJNM?OE4P KLPFLP9DGPKMP6LP 0MPKOG>
=NEJPKNP HMPKOGLPIJDP @IJDPH@OPIJO=NP @IOPED
@ILPC>PIOGLPILA P $OKP *DPHLPEJO+PHCN;P .O:
FM<P&8IOAPHCN;P&=MCPHOKPBMIP(OFPILPKNC;
$OPK>HJP OPIOPKLFPHCN;P )OPIMCP )NKPBO;
=9P8NMGOP 0L=PHCO;P $2PJM,P 0JGLIE;P $MPIJD
0JDPA>PIO;P 0MIP6N>HJP .=MPFO;P MKPIDC
0GLPC<LPHOPN @OPI>PNKPKDE45PDPFO<LPKOPFMG
GOC;P9MP8D=NPLHJ>PHGOPAN;PJOPKNAPFDP8IOPKL
NE4PBL 0MPKOG>5
$MP9M=NP?MBPKOCPHMPKOGLPILPFNMPKNMPCIDPAN:
KO=NPJ>?7P 9DPENOP @>P8=NEJPKMP6L;P GLP L@I2EJ
@NPHOPKNOP CHN7P9MCP C>PE4OIPHCNE4P ILJPFN?O?7
HFL?MPJONKGMPIMPHLPFOPKNOPN >@IOPFNO?7P4L8:
8DPF 0MPKOPENMPF GOPCNE4PBLPKNLPH<DE4P6IM:
ANOE4;P?OC P0MPKOEPCNP-MPH@2<P0GIOP9OPC2F;
.OI=OPAMKGOIPKDP-MPH@2<PBL H@IOFP*DP1EN:
62FP %LKPKDE4P N $MPBJNMEGFO;P .OI=O:
AMKGOIPKDP-MPH@2<P.IJD?OPEN2<P-FNMPIJ7G;
.OI=OPAMKGOIPKDP-MPH@2<PBL H@IOFPH28
0GOIPHJDE4;P .OI=OPAMKGOIPKDP -MPH@2<P BL
H@IOFPI26P*LBPKDE4PN #>PIDPHGDPCNP*LB:
KM?; .OI=OPAMKGOIPKO (I>P@OP BLP H@IOF
LJPFL?>P%LPA>PKNPCOPE?NPN #>PIDPHGDPCNPL:
FMPILPFM?;P.OI=OPAMKGOIPKDP-MPH@2<P*L=:
KO %>P8O;P 0MPKOEPCNP -MPH@2<P BL H@IOF
*DPE4LPFOPKNOP )<LPBMP6LP .LPCL=MPKNO;P
.OI=OPAMKGOIPKDP -MPH@2<P BL H@IOFP %=N:
AOGDPJA>PN -I2FPKLPFOP9LPKMP6LPLJPFL?>;P
.OI=OPAMKGOIPKDP -MPH@2<P 0JOPE4LPFD;P EJD
F CL+PE>P .OI=OPAMKGOIPKDP -MPH@2<P BL
H@IOFP.IJMPHGIJMPKNP%LPHANEJPKM?5
0MPKOGLPILPFNMP H7P ?OCP BJNMPEN5P &=P8LP
EL1P KOP8IL?7;P O=P8LP @HGILP NAP F 6<LPFNM5
%LHJGDP >GIJDPAOPKNOP GMP6LP @IJMBPHJCL=O
GLPLC5 PA=KPJ<PILEJPKNM5
354318113.013.png 354318113.014.png 354318113.015.png 354318113.016.png
Zgłoś jeśli naruszono regulamin